Hoboken To Finally Acquire 'Monarch' Site Next Week, Preserving Open Space On Waterfront

HOBOKEN, NJ — Next Thursday, the city of Hoboken will officially acquire open space on the north waterfront that was once slated to become a pair of 11-story buildings called the Monarch development.

Additionally, as part of a years-long effort negotiated with private company Ironstate Development, the city will acquire and preserve 1.45 acres of land at 800 Monroe St.

The acquisition is part of the Monarch Development settlement agreement, on which the parties will close on Thursday, Nov. 4.

How The Saga Began

Ironstate Development had purchased land on the city's north waterfront years ago and intended to build two residential towers known as The Monarch. In an effort to preserve the property as open space, the city began negotiations with the developer.

As part of the deal, Ironstate will get to build residential housing closer to the city's southern border and train station. (Prior coverage: Hoboken Introduces Revised Settlement For Monarch Development)

Mayor Ravi Bhalla called the settlement a "landmark land swap agreement" with Ironstate Development Company.

“I am thrilled to announce the imminent closing of the Monarch land swap agreement that will revitalize a portion of downtown, provide the City with 1.45 acres of public open space in western Hoboken, and preserve public access to our waterfront,” said Mayor Ravi Bhalla on Thursday. “The closing marks a momentous day in Hoboken, symbolizing the stalwart determination of not just my administration, but previous administrations, current and former council people, residents, and waterfront advocates.”

The city called the acquisition "a last piece of the puzzle in completing the waterfront walkway and preserving the public’s access to the waterfront."

“The city acquisition of the Monarch property represents an opportunity to connect a significant, unfinished portion of Hoboken's public waterfront, long delayed after a decade of litigation followed by several years of negotiations,” said Ron Hine, Executive Director of the Fund for a Better Waterfront, a local nonprofit group. “We have reached an important milestone.”

The undeveloped land at 800 Monroe St. represents 1.45 acres. The city will turn it into a future resiliency park that will provide open space to residents while also mitigating area flooding with below and above-ground infrastructure.

As part of the agreement, Ironstate will remediate the property by installing a cap of crushed stone that will alleviate ponding while the city engages in an open public process to design and ultimately construct a resiliency park. Further, the city will work with the Hoboken Arts Advisory Committee to wrap the property with public art displays by local artists.

What Ironstate Will Acquire

As part of the agreement, Ironstate will acquire the city’s public works facility at 256 Observer Hwy. The developer will revitalize the property into a mixed-use development with 30,000 square feet of commercial space and 360 residential units, 40 of which will be affordable housing.

The development will also include a 60,000-gallon stormwater detention tank to help mitigate area flooding caused by heavy rain events.

Upon the closing, the city will have three years to vacate the public works facility.

The city is currently exploring options for property acquisition in the North End Rehabilitation Area for a new public works facility. It could potentially include a City Hall annex with expanded office space for the Hoboken Parking Utility and an Office of Emergency Management Command Center. READ MORE: Hoboken Hopes To Bring Housing, Light Rail Stop To North End Of City

Additionally, the city will receive $3.5 million from Ironstate Development Company as a condition of the land swap agreement and the city could receive an extra $500,000 if the City vacates the public works facility within two years of closing.

Reactions

Second Ward Councilwoman Tiffanie Fisher, in whose ward the Monarch land lies, said, "This will be an amazing end of an era. Who would have thought that when we started this fight in 2011, it would take a decade, and bring with it even more open space for Hoboken. A huge thank you to the residents of Hoboken who for decades made our waterfront their priority, to my Hudson Tea and 2nd Ward neighbors who came out in force every step of the way, to Fund for Better waterfront, of course, and to Mayor Bhalla and my City Council colleagues who supported this until its conclusion. It took the village."

Councilmembers Emily Jabbour, Jim Doyle, and Phil Cohen released a statement saying, "For the better part of the last decade, protecting our uptown waterfront has been a major priority for us, and we are thrilled to have supported Mayor Bhalla's efforts to once and for all acquire the Monarch property in order to preserve it for public open space. We look forward to working with the community to revitalize this waterfront area and turn it into parkland we can all be proud of. We are grateful to the many resident activists who helped to make this historic day possible!"

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