A long-running effort to revitalize the area around Hoboken Terminal will finally be kicking off this year as the residential component of the plan will begin to rise in the coming months.
Jersey Digs broke the news about an effort dubbed Hoboken Connect in March 2022. The eventually approved plan, which emerged after years of debate, looked to revamp several underutilized lots along NJ Transit’s rail yards next to one of the state’s biggest transit hubs.
Philadelphia-based LCOR was selected as the redeveloper for the three-pronged plan, which will kick off with new residences at a property along Observer Highway across from Bloomfield Street. The tower set for the parcel, designed by CentraRuddy, is set to include 386 residential units, with 78 of those residences to be set aside as affordable housing.
Other components of the tower include 1,221 square feet of ground-floor retail space and amenities for future tenants include a lounge, pet spa, a fitness center, a ground-level dog run and park, and a large rooftop amenity deck overlooking New York City with a swimming pool, picnic areas and BBQ grills.
New Jersey’s Economic Development Authority (EDA) approved a 10-year, $90 million tax credit award last month under its Aspire program.
The first phase of the Hoboken Connect project was formally approved by Hoboken’s planning board late last year. A memo issued by the EDA states that construction on the initial portion is slated to begin in March and last for 31 months.
Hoboken Connect consists of several other components including a 20-story office building on a site directly next to the street entrance to the PATH trains. The 635,000 square-foot building is slated to include ground-floor retail space and replace an abandoned building and parking lot currently on the land.
LCOR launched leasing last year for the office component, which still needs approval from Hoboken’s planning board before it moves forward.
The long-envisioned renovation of Hoboken Terminal and the neighboring Warrington Plaza is also included in the plan. That portion looks to add an outdoor market space while restoring the terminal’s second floor, which has been closed to the public for decades.
LCOR is in the midst of several community meetings looking to revamp Hudson Place outside the terminal into a potential pedestrian plaza while building a new bus station.
