On Wednesday, October 17, the agreement negotiated by Mayor Ravinder S. Bhalla with KMS to develop a full-service Hilton Hotel along the Hoboken Waterfront was approved by the City Council.
"I am thrilled our agreement with the hotel developer was approved tonight by the Council," said Mayor Ravi S. Bhalla. "This deal is a big win for the City of Hoboken and delivers unprecedented givebacks to Hoboken with investments in a new community center at the former YMCA, all of our public schools, infrastructure and affordable housing, in addition to a world class hotel. Thank you to the Council for approving the agreement, and all of the activists and community groups who helped make this agreement a reality, including the Hoboken Public Library, Hoboken Board of Education, Hoboken Community Center, parents advocating for their schools, and Fund for a Better Waterfront."
The $4.85 million in "community givebacks" include:
• An allocation of $2 million to revitalize the former Hoboken YMCA at 1301 Washington Street that will include a municipal pool, an uptown branch of the Hoboken Public Library, and additional classroom space for the Hoboken Public Schools.
• $1.165 million towards infrastructure upgrades, which includes the area adjacent to the hotel.
• $1 million to the Hoboken Public Education Foundation to establish a permanent endowment.
• $484,000 to the (3) Hoboken Charter Schools divided among the schools.
• $200,000 into Hoboken’s Affordable Housing Trust.
The hotel will be 100% constructed and operated with union labor, and Hoboken residents will be prioritized for the 170 well-paying hotel jobs. The hotel will also generate $5 million for our local economy and will include a waterfront rooftop and preserves the historic Sinatra Post Office.