CROWN JEWEL: Hoboken Offers Public Works Garage in Exchange for Monarch Development
The City of Hoboken announced that a proposed settlement agreement has been reached in the ongoing Monarch Case with Applied Development Company.
Under the proposed agreement, Applied Development Company gives up the right to develop the parcel of land along the Hoboken waterfront directly in front of the Hudson Tea Buildings, where they had been planning to install two 11-story high rise residential buildings. Meanwhile, the City of Hoboken will let them redevelop the Public Works Garage site downtown (256 Observer Highway), pending the passage of a Redevelopment Agreement.
As part of the deal, Applied would gain 264,000 square feet of a transit-oriented rental building with 4,000 square feet of retail along Observer Highway. At least 11% of all housing units mandated as affordable housing.
Hoboken will negotiate the terms of a Redevelopment Agreement over the next several months and the City will gain transfer of the Monarch site only if the Redevelopment Agreement is agreed to and approved by the City Council. The goal is to turn the current proposed Monarch site into an open space. As for the Public Works Garage, Applied will build and pay for a new, state-of-the-art facility.
This announcement will potentially end what has already been a long and costly legal battle over the waterfront space.
“This settlement is a win for the City of Hoboken,” said Hoboken Mayor Ravi 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 will be presented to the Hoboken City Council for approval at a meeting in August.