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City of Hoboken Introduces Redevelopment Plan for Hoboken Terminal and Rail Yards




Hoboken, NJ - Wednesday, September 5th, 2012


The City of Hoboken has introduced a Redevelopment Plan for the Hoboken Terminal and Rail Yards area, property which is owned by NJ Transit.

“For the first time, the City of Hoboken is introducing a plan for this area that would enhance the character of our community, rather than destroy it,” said Mayor Dawn Zimmer. “We don’t want to transform our City, we want to build on what is already great about it – our rich history, restaurants and cafes, arts community, waterfront, walkability, and access to transit. This is an opportunity to revitalize our transit terminal and southern gateway and create new public spaces with a financially viable plan consistent with the vision of our Master Plan.”

In 2008, NJ Transit presented proposals for 9.2 million square feet of development, with a 70 story office tower and 45 to 50 story residential buildings along Observer Highway. The City’s plan calls for a 2 million square foot mixed use project, nearly two-thirds of it for office space and less than one-third for residential space, with the remainder for retail space. The plan’s focus on commercial space would broaden Hoboken’s tax base to stabilize property taxes without the added infrastructure burdens associated with residential development.

The plan includes a performing arts center, accelerator space for startup businesses, minimum requirements for 3-bedroom, family-oriented housing units, a variety of public spaces, including a pedestrian plaza at Hudson Place and Warrington Plaza and bicycle paths connecting a redesigned Observer Boulevard to the waterfront.

“As a longtime resident of Southern Hoboken, it was important to me that the density and land uses called for in this plan be carefully considered to minimize the project’s impact on the rest of Hoboken and its infrastructure,” said Councilman David Mello, chair of the Zoning and Economic Development Subcommittee. “Given the ever increasing number of families choosing to stay in Hoboken, I felt strongly about including requirements for market rate 3 bedroom units so there would be a wider array of housing options for families to grow into.”

“The plan we are introducing is a win-win for everyone,” added Mayor Zimmer. “It enables NJ Transit to upgrade their transportation infrastructure, would create thousands of jobs for our State’s economy and generate an estimated $28 million annually in income tax revenue, and would revitalize our train terminal and neighborhood at a scale that meets our City’s vision.”

The Redevelopment Plan and presentation introducing the plan are available on the City website.

“I urge Hoboken residents to review the plan and presentation and to consider that we took great efforts to incorporate their concerns and ideas into a plan that is economically feasible,” added Mayor Zimmer. “To protect ourselves, we must put forward an economically feasible plan or else we face the threat of litigation or legislation to take away our rights to have control over this project, as the legislature has tried to do in the past. They’re now in the process of considering legislation to take away our oversight of development by private universities, and there’s no guarantee they won’t try to bring back legislation to do the same with this project.”

 


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