Our Hoboken Development Map Is Live

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hoboken real estate development

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.

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Our Hoboken Development Map is live! Check out the 48 projects bringing over 1,500 units to the Mile Square.

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4 COMMENTS

  1. Just because you’ve stated that Jersey City’s development is ‘unsustainable’ at the current rate doesn’t make it true. Are you a planning expert, Darrell, or do you have any credible links to back up this assertion?

    Sure, JC is approving lots of developments; however as you yourself point out, not all (or many of them) will get built now. But at least when rents start to pick up again, there will be already-approved projects in the pipeline that can help absorb the brunt of the demand and keep rents reasonable. In this sense, it’s good planning to approve these projects now, whether or not they will get built any time soon.

    And to the extent that Hoboken is stricter with approving developments, this is a bad harbinger as it will increase rents in the future, as many housing economists, such as Harvard Econ Professor Ed Glaeser, point out.

    http://www.nber.org/papers/w8835

  2. Hoboken’s ‘sustainable’ anti-development policies are all about protecting the land values of owners of million-dollar homes, thereby driving up housing costs for any future residents of Hoboken.

    If you want to know what’s really ‘unsustainable,’ it’s continuing to have rents grow faster than wages because we refuse to build enough housing to meet new demand from population growth and migration into the region.

  3. Lets see how sustainable Jersey City’s development is once all of these units are filled and the infrastructure to move the people around and support them fails. Growth is good, but it needs to be managed along with a city plan, the fact that JC is welcoming to new developers in the short term and giving away abatements all over the place will soon become a problem. The upcoming revaluation will be a shock for many and they will complain but you need to have money to support the growth somewhere and its about time the JC paid it share. The developers will win in the short term, as will the Mayor. In the long term JC will end up having to pay the piper.

  4. I don’t understand how JC development is “unsustainable”. They said that in order to lower rents you should have enough offer to do so,in other words, keep building. If apparently in JC they have built enough supply to make prices go down, then it becomes “unsustainable” how is that?

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