A transformative project is one step closer to reality on Hoboken’s Western Edge, but the fight over the development doesn’t look poised to end anytime soon.
The Hoboken City Council approved a settlement allowing Pegasus Partners’ 1,000-unit project to go forward, according to the Hudson Reporter. The settlement is the result of ongoing litigation between the developer and the city, as well as neighboring Union City.
The terms of the settlement enable Pegasus to develop a two-building project on the city’s west side. The developer is expected to start demolition and redevelopment of 1300 Jefferson Street before year’s end, NJ.com previously reported.
The development will include 1,001 multifamily units, 10 percent of which will be designated for low-income housing. There will be 50,000 square feet of retail space, a significant reduction from the original proposal, and the office space originally planned for the project was eliminated.
There is also a $3 million community benefit payment, a reduced total the developer is paying to the city to account for project impact. The city and developer also agreed to a 30-year PILOT agreement, New Jersey’s long-term tax exemption program that incentivizes urban renewal.
Meanwhile, Pegasus will be able to build up to 18 stories tall, higher than before. The total number of units also surged with the latest agreement.
But the project isn’t out of the woods, yet. Officials from neighboring Union City continue to oppose the development, chiefly concerned about building height; the city plans to pursue legal action against Hoboken over the project.
The fight over the Western Edge brought out some ugliness in New Jersey politics. Councilperson Tiffanie Fisher, who abstained in the final settlement vote, accused Hoboken’s mayor of only acting in his best interest.
Before a recent council meeting, Mayor Ravi Bhalla sent an email accusing Fisher of racism.
All that aside, Hoboken’s Western Edge is on the precipice of change. In addition to Pegasus’ project, Madigan Development is seeking approval for a 700-unit project on Monroe Street, according to NJ.com.
Read more
Commercial
Tri-State
AvalonBay sues Hoboken over rent control decision
Commercial
Tri-State
Hoboken luxury building sucked into rent control
Politics
Tri-State
Hoboken grapples with potential rent increases