Toll Brothers City Living recently announced the start of construction at its mixed-use development 1000 Maxwell Lane in Hoboken. The 12-story development is slated to deliver 110,800 square feet of speculative office space, street-level retail, and five stories of condominiums.
As previously reported by Jersey Digs, plans for 1000 Maxwell Lane call for five stories of condominiums ranging from studios to three-bedroom units. Eight of the top floor units will have private terraces while the roof will consist of a common terrace and a 6,000-square-foot green roof.
The development marks the first non-built-to-suit office construction in Hoboken in over a decade.
“Being the first speculative office development built during the current market cycle, 1000 Maxwell Lane is a distinctive mixed-use project meeting the needs of Hoboken’s growing community of entrepreneurs, new ventures, and tenants in the technology, advertising, media and information industries,” Henry Waller of Toll Brothers City Living said in a news release. “Maxwell Place is a unique project that brings diversity to the Hoboken waterfront, and 1000 Maxwell Lane is an important final component of the project.”
Transwestern Commercial Services will oversee office leasing at 1,000 Maxwell Lane. Each of the five floors of office space will comprise 18,450 square feet.
1000 Maxwell Lane is the fourth phase of the larger Maxwell Place development by Pennsylvania-based developer Toll Brothers and Pinnacle Downtown. In total, the Maxwell Place development includes 755 for sale units across three towers with street-level retail.
The Hoboken Planning Board granted final approvals to 1,000 Maxwell Lane in May 2017. The developers and the planning board agreed to lower the height of the fourth building from 13 stories to 12 stories and reduce the condominium count from 76 to 58 units.
The site of the Maxwell Place development comprises 24 acres and 11 buildings previously operated by Maxwell House Coffee. The General Foods Corporation, Maxwell’s parent company, ran the plant from 1939 to 1992. Toll Brothers and Pinnacle Companies agreed to redevelop the property in 2004 when they acquired the land for $76 million from Gotham Partners, LP.
The joint-venture partners agreed to develop a total of 832 condominiums, 206,000 square feet of retail space, and 1,500 parking spaces in 2004. At the time, Toll Brothers said revenues from the condominium sales were expected to reach $500 million.
Toll Brothers also purchased the old Lipton Tea factory site on 15th Street in 2005. The property would eventually become the first building of the larger Hudson Tea development, which comprises 525 units.