A former manufacturing facility home to a slew of small businesses could soon be rehabilitated and expanded pending a council vote, and several major companies have allegedly already expressed interest in coming to the re-worked facility.
In paperwork submitted to the city, Hoboken-based The Taurasi Group says they are under contract to purchase an almost two-acre parcel at 38 Jackson Street. The property is home to the historic My-T-Fine Pudding manufacturing building and currently hosts a total of six structures that house diverse businesses like Barsky Gallery and Manhattan Neon Sign.
The company is looking to transform the facility into a mixed-use development called Southwest Market. Drawn up by Nastasi Architects, the plan seeks to rehabilitate the historic building that fronts Observer Highway and demolish the other structures in favor of new construction set to rise nine stories and 104 feet.
A major component of the project’s ground floor involves the creation of a 25,500-square- foot supermarket along the Newark Street side of the property. All of Hoboken’s supermarkets are located east of Clinton Street except for ShopRite, which is about a mile away from the proposed development site.
The neighborhood’s food desert could be filled in a big way according to a pre-submission form submitted by The Taurasi Group. The filing says that “initial communication with prospective anchor food tenant for the south side of the project indicates serious interest from Whole Foods, Aldi, and Sprouts.”
Besides the supermarket, the ground floor of Southwest Market would feature four other retail storefronts totaling 21,670 square feet. The proposal also includes an 11,780-square- foot publicly accessible interior atrium set to feature a translucent third-floor roof and smaller retail spaces, a facility envisioned as an “outdoor living room” for Southwest Hoboken.
The Taurasi Group has indicated that most of the project’s residential component is intended as condominiums except the required 12 affordable units, which would be rentals. Amenities for future residents at the possible building include a rooftop with basketball courts and a swimming pool.
One of the four buildings in the proposed complex would include 54,600 square feet of office space on the 6th and 7th floors and a six-story parking structure with 376 spaces for both residents of the building and the general public is included in the plans.
The current proposal deviates from the Southwest Hoboken Redevelopment Plan a bit. The project is asking for lot coverage of over 86% where 60% is allowed and building height of 104 feet in an area capped at 40 feet. The Taurasi Group will also need a deviation regarding density related to the proposal’s residential portion.
Hoboken’s city council is slated to vote on a resolution that would authorize a conditional designation agreement with The Taurasi Group in hopes of negotiating a final deal to redevelop the site. It is scheduled to be considered during their April 7 meeting, which will be held virtually on Zoom.
The proposal emerges barely two weeks after our exclusive reporting about The Boundary, a project from JDA Group looking to bring event space, an elevated park, retail, and a 13-story residential building to property across the street from the Southwest Market site. The Jersey City side of the neighborhood has been booming for some time and the flurry of activity indicates that Hoboken’s portion could soon become just as hot.
While The Taurasi Group’s proposal still faces a few hurdles, the company stated in their application that they hope to break ground on the project next year if approvals end up being granted.
