Today, the New Jersey Supreme Court ruled against the City of Hoboken in the “Monarch Project” case, which would have prevented the development of two 11 story high rise residential buildings along Hoboken’s uptown waterfront. However, instead of relying on the Supreme Court to make the final determination regarding the Monarch property, the Bhalla administration negotiated a previous settlement agreement with Applied that was approved by the City Council. Both the City and Applied are continuing with the process of negotiating a redevelopment agreement that if eventually approved, would officially transfer the Monarch property to the City.
“We knew that relying on the Supreme Court was a risky proposition, and that entering into a settlement with Applied was the prudent course of action,” said Mayor Ravi S. Bhalla. “Had we relied solely on the court process, the recent ruling would have allowed the two Monarch towers to be built on our waterfront, without any recourse for the city, and ruined any chance of open space at this location. Instead, we are continuing through the redevelopment phase with Applied and I’m grateful they are continuing to negotiate in good faith with my administration.”
The parameters of the settlement agreed to by Mayor Bhalla and Applied, and approved by the City Council, are as follows:
• Applied Development Company gives up the right to develop on the Monarch site, a parcel of land along the Hoboken waterfront directly in front of the Hudson Tea Buildings. In exchange, the City of Hoboken will grant Applied Development Company an opportunity to redevelop the Public Works Garage site located at 256 Observer Highway, pending the passage of a Redevelopment Agreement.
• Upon execution of a Redevelopment Agreement with Applied for the development of the Municipal Garage site, the City of Hoboken may take ownership of the Monarch site for the purpose of creating open space.
• Applied Development Company will pay the City of Hoboken up to $1 million for the removal of debris or other public improvements related to this settlement.
• Redevelopment of the Public Works Garage site, pending a Redevelopment Agreement, will include:
1. A state of the art facility for the Department of Public Works, paid for and built by Applied Development Company.
2. 4,000 square feet of retail along Observer Highway.
3. 264,000 square feet of a transit-oriented rental building, in scale with the neighboring buildings with zero density above what is provided for in the Municipal Garage Redevelopment Plan.
4. At least 11% of all housing units mandated as affordable housing.
