Since the Western Edge Redevelopment Plan was adopted by Hoboken’s city council in 2015, revitalization has been surprisingly slow to hit the parcels it had hoped to jumpstart. But with the five-acre Northwest Park set to break ground later this year, developers are starting to put forward some significant plans to revive the neighborhood.
The latest development proposal concerns a nearly two-block-long stretch at 1200-1318 Madison Street. The property is currently home to a former factory building that has been vacant for quite some time, but the land was purchased last September by a company called Hoboken Western Edge LLC.
The company, which paid $17.5 million for the parcel, is registered out of a P.O. Box in Hoboken that can be linked to Pegasus Partners. That company is currently finalizing separate plans for a 207-unit mixed-use development just down the road at 1300 Jefferson Street that also includes a hotel component.
Pegasus has already been designated a redeveloper by the city and some details have been revealed concerning their latest Madison Street project. Preliminary plans show the development would include 351 residential units, 224,000 square feet of commercial/office space, and 48,000 square feet of retail. The exact height of the building isn’t known, but the project would be required to include 10% affordable housing per the area’s redevelopment plan.
The plans for 1200 Madison Street took a small step forward at the city council’s July 10 meeting when a professional services contract was awarded to New York-based CBRE, who will be providing financial consulting associated with negotiating a redevelopment agreement for the project. The amount of the contract is not to exceed $18,000 and will be paid for out of an escrow account that was established by Hoboken Western Edge LLC.
There hasn’t been any timeline announced for when a redevelopment agreement could be reached, and the proposal could have a long approval road ahead. However, there might not be a huge rush as the parcel will likely be surrounded by construction for the foreseeable future. Besides the imminent Northwest Park groundbreaking that’s coming across the street, PSE&G is investing millions in a substation project next door that will elevate the infrastructure out of the flood plain.