KMS Development Partners has released a forecast of the economic impact their proposed Hilton Hotel would have if it gets built along the Hoboken waterfront, and it claims millions of dollars and almost 700 jobs would benefit the community.
The report, which can be viewed here was generated by Philadelphia-based Econsult Solutions. Their findings say that the new Hilton, which would be at built at 1st and River Streets, would generate about $1.7 million in property and hotel taxes that would go to Hoboken and their schools, plus about $700k of taxes that would go to Hudson county.
Additionally, the study says that between New Jersey’s hotel, sales and parking taxes, the state would stand to get about $3 million in revenue from the project. The Hilton would also generate $21.4 million annually in spending by guests at businesses outside of the hotel.
The report also says that development of the 20-story, 238 room Hilton would not only create over 500 construction jobs, but would support 120 permanent Hoboken jobs through guest spending and by ongoing hotel operations after completion.
“The hotel will not only create a much-needed option for families and their visitors, but will have a significant positive impact on the Hoboken economy without requiring additional services or adding burden to the school district,” says KMS Principal Dennis Martin. He notes that the hotel’s trash would be picked up by a private contractor and the development would add no children to the local schools.
Martin further lays out the benefits to Hoboken, especially since the Federally-owned property behind the Post Office is currently tax-exempt. “The revenue that a new Hilton Hotel would generate to the city in the form of real estate and hotel tax would offset about 36% of Hoboken‘s total budget increase,” he says. The city’s 2016 budget was approved earlier this year with an increase of about $3.6 million.
Tim White of River Crossing Strategy Group, who runs PR for the project, says the project’s timeline is unclear, but the City Council is expected to vote to retain a hotel consultant for the project soon, as early as this Monday’s meeting. He says KMS is also considering hosting a public meeting for residents at some point, but no firm date has been set.
Those interested in more information about the project can visit the development’s website and sign up to receive updates about its progress.