The City of Hoboken today announced a new redevelopment agreement for 930 Monroe Street, which will provide affordable housing, ground floor retail, public outdoor space, and additional stormwater detention in western Hoboken.
The agreement includes a $15 million community benefit contribution from the developer to the City, which will be utilized largely for construction costs of a new planned resiliency park of 1.4 acres of land at 800 Monroe, which is now owned by the City as a part of the Monarch waterfront property acquisition. Mayor Ravi S. Bhalla previously announced the City’s intention to transform this property from a large-scale residential building into open space for the community. Funds will also be utilized to build out Hoboken’s multi-modal Green Circuit path adjacent to the buildings as called for in the Western Edge Redevelopment Plan and Hoboken’s Master Plan, which will include a protected bike lane and a pedestrian path.
The project, adopted by the Hoboken City Council at last night’s City Council meeting, will erect three 11-story mixed-use buildings on Monroe Street incorporating 675 residential units over three City blocks, 68 of which will be set aside for affordable housing. The development will also include a minimum of nearly 47,000square feet of ground floor commercial retail space as well as on-site stormwater management to detain nearly 360,000 gallons of storm water to further mitigate area flooding caused by heavy rain events.
The height and density of the project will not exceed that as specified in the amended redevelopment plan as passed by the Hoboken City Council in December of 2021. Additionally, an Amazon warehouse and fulfillment center currently sits on the 930 Monroe Street site, which will be demolished in the first phase of the project to accommodate the new, mixed-use development.
“I couldn’t be more thrilled that Western Hoboken will continue to be revitalized with this new, mixed-use development while also realizing critical funds to build out a new resiliency park at 800 Monroe,” said Mayor Bhalla. “Residents will soon realize the many quality of life benefits we negotiated in this plan, including an unprecedented$15 million for a new park and green circuit, substantial infrastructure to further address rainfall flooding, much-needed retail and commercial space, and additional affordable housing options. This will be yet another game-changing project that will create a more vibrant and attractive City for our residents and visitors, and I’m proud to have worked with the developer, as well as the City Council members to make this possible.”
“This is a project I’ve been proud to work on, hand in hand with the administration,” said Council President Michael Russo. “It will provide significant benefits to residents of Western Hoboken including the Third Ward. In particular, the community givebacks will go a long way to helping build out a large park at 8th and Monroe with millions of dollars in funding now available. The whole project is an important victory for Hoboken as we develop responsibly and continue to make areas west of Willow Avenue an even better place to live and raise a family.”
“The approval of this Redevelopment Agreement marks the end of an era for the 5th Ward— an era featuring 5,000 Amazon deliveries 24 hours a day, 365 days a year,” said 5thWard Councilman, Phil Cohen. “Now, 2 1/2 blocks of the Western Edge of our community will have three mixed-use, Silver LEED certified buildings with large green roofs, storm water management for at least 360,000 gallons of stormwater, nearly 50,000 square feet of new retail/commercial space, and a large, landscaped greenway, including seating areas surrounding a protected multi-modal recreational pathway connected to the city’s new western edge greenway.”