A settlement agreement has been reached in the ongoing Monarch Case, between the City of Hoboken and Applied Development Company. The settlement, negotiated by Mayor Bhalla’s administration would temporarily prevent any development by Applied of two 11 story high rise residential buildings along Hoboken’s uptown waterfront, and also presents the opportunity for the City and Applied to negotiate a Redevelopment Agreement to officially transfer the Monarch site to the City. The settlement will be presented to the Hoboken City Council for approval at a meeting in August.
“This settlement is a win for the City of Hoboken,” said Mayor Bhalla. “Not only does it protect our precious waterfront from development and preserve the site for open space, but it also presents an opportunity to revitalize an area in downtown Hoboken. And, a new, state-of-the-art municipal garage will facilitate improved public works services. While we have work to do over the next several months to finalize this proposed deal with a Redevelopment Agreement, this settlement is a critical step forward.”
The settlement allows the City to negotiate the terms of a Redevelopment Agreement over the next several months, which will also be presented to the City Council. The transfer of the Monarch site to the City for the purposes of open space will occur only if the Redevelopment Agreement is agreed to and approved by the City Council at a later date.
The main terms of the proposed settlement agreed to by Mayor Bhalla and Applied 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.
Updates will be provided to residents on an August meeting date the Monarch settlement will be voted on by the City Council.