Development activity in the Mile Square city is humming along. In the latest addition to our development map series, we’ve plotted 47 projects which will bring a combined 1,511 units to Hoboken in the near future.
Hoboken, although regularly compared to Jersey City, is a very different market. For starters, its new development pipeline leans condo over rental and larger units – 2-4 bedrooms – over studios and one-bedrooms. The latter is the result of the city encouraging developers to build larger units in order to cater to the city’s growing family class.
Another differentiating factor, Hoboken has a greater percentage of projects actually under construction. Jersey City is currently experiencing a ‘land banking’ movement, where developers push a project through approvals but delay breaking ground. Hoboken developers, on the other hand, are breaking ground, with roughly 38% of the new development pipeline currently under construction versus around 20% in Jersey City.
Hoboken’s planning and zoning boards tend to be more strict than Jersey City as well. Whereas Jersey City rarely sees a project it won’t approve, Hoboken regularly denies applications. Just recently, Hoboken voted down a planned development on Washington Street with a proposed Shake Shack, and Advance Realty just had an application denied at 1417 Adams Street.
As we’ve stated before, Jersey City’s development is unsustainable at the current rate. Hoboken, as a more established market, may be learning from its past and is now planning for the longer term.
Click here to check out the full Hoboken Development Map.