It’s taken a long time, but a plan to redevelop the area around Hoboken Terminal is taking shape at last.
New York-based LCOR presented plans for its project on the waterfront site during a virtual meeting this week, JerseyDigs reported. The developer is looking to add residences, offices and public space to the area around the Hudson County city’s most prominent transit hub.
The multi-component project, dubbed Hoboken Connect, includes a 20-story office building that would sit directly next to the PATH train street entrance. The 635,000-square-foot building would replace an abandoned structure and parking lot, according to JerseyDigs, and would include ground-floor retail.
The plan also calls for a 28-story residential building just west of the office, which would include 389 units, with floor plans ranging from studios to three-bedroom units. According to JerseyDigs, 20 percent of the apartments would be set aside as affordable.
The final component of the project involves the renovation of both the terminal itself and Warrington Plaza, a cobblestone lot adjacent to the station that’s mostly used as parking for NJ Transit vehicles. The revamped facilities would include an outdoor market and a functional second floor of the terminal, which has been closed for decades.
The Hoboken Yard Redevelopment Plan allows for further redevelopment of the NJ Transit building on Observer Highway, which is not part of LCOR’s latest proposal, according to JerseyDigs. The firm hopes to have a redevelopment agreement in place with the city soon, after which it can pursue approval from the city council and planning board.
LCOR hopes to begin construction in about a year on its latest waterfront project in the tri-state area.
Prior to the pandemic, the developer struck a deal that will allow it to build a large apartment building a block from the Coney Island boardwalk. LCOR signed a 99-year ground lease to gain control of a parking lot at 1517 Surf Avenue, which provides for about 325,000 buildable square feet. At the time, the developer was planning a mixed-income development. Up to 30 percent of the units would be set aside as affordable.
[JerseyDigs] — Holden Walter-Warner