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