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Joanne Vos, Esq. and Joseph J. Maraziti, Jr., Esq. are proud to have been part of Mayor Bhalla’s dynamic team in connection with the unique establishment of a public-public-private partnership, the first of its kind, among the City of Hoboken, New Jersey Transit and a private developer.
On July 6, 2022, the City Council of the City of Hoboken authorized the execution of a comprehensive Redevelopment Agreement for a portion of the Hoboken Yard Redevelopment Area between the City and an affiliate of LCOR, Inc.
The Redevelopment Plan and the Redevelopment Agreement have been almost 2 decades in the making. In 2005, LCOR was designated by New Jersey Transit as the developer for several of its properties located within the City, paving the way for a transformative project comprising both private and public components to be implemented.
The Redevelopment Agreement provides for the construction of 2 mixed-use residential and office buildings but also requires, in close coordination with New Jersey Transit, the rehabilitation of certain major transportation hubs in the City including the iconic Hoboken Ferry Terminal Building, which has historically been utilized by over 50,000 commuters daily.
The Ferry Terminal will include uses for the public, such as markets, food vendors, and galleries. The residential building will have up to 389 units, 20% of which will be affordable housing units; the office building will be 20 stories and will include a rooftop terrace as well as 5,000 square feet of retail.
The Redevelopment Agreement also provides for the improvement of significant outdoor public spaces including Warrington Plaza and Hudson Place, which will be transformed into a “woonerf” , accommodating various transportation modalities, maintaining scenic view corridors of Hoboken’s Lackawanna Clocktower, and implementing important stormwater infrastructure as well as decorative lighting, seating and art for the community to enjoy.
Development firm LCOR is seeking to revitalize the long-dormant, two-story ferry terminal in Hoboken envisioning uses such as event space, market-style retail and other concepts — Read more about this project.
