Hoboken City Officials Close Deal On Monarch Waterfront Site

HOBOKEN, NJ — After years of litigation involving the waterfront Monarch site, Hoboken city officials have officially closed a deal which guarantees continued public access to the site and transfers land to the city.

Hoboken Mayor Ravi Bhalla and Michael Barry of Ironstate Development signed the closing documents of a landmark land swap on Thursday. The closing officially ends years of litigation and transfers two properties to the City for public open space.

The waterfront property known as the "Monarch site," is located on the city’s northeast side near 15th Street and Shipyard Lane. The site was one of the last remaining missing pieces of Hoboken's Hudson River Waterfront Walkway.

Now, through the acquisition deal, the city will preserve public access to the waterfront and turn the property into public open space in the future rather than having two 11-story residential towers build as the developer had intended, the city said in a news release Friday.

As part of the Monarch agreement, the city has received $3.5 million from Ironstate Development Company. The City could also receive an extra $500,000 if it vacates the public works facility within two years, the release said.

With the agreement signed, city officials will begin the process of designing a resiliency park on 1.45 acres of newly acquired land at 800 Monroe St. City officials announced that in coming weeks, they will release a request for [roposals for a project consultant that will assist the city in an open public planning process for the design of the park that will incorporate both above and below-ground infrastructure to mitigate area flooding caused by heavy rain storms.

Hoboken officials said they intend to begin the public planning process in early 2022, according to a news release. The city announced they had reached an agreement with Ironstone last week.

"This closing marks a joyous and historic day for the City of Hoboken," Mayor Ravi Bhalla said in a news release. "Acquiring the Monarch site along the waterfront has been a decade-long endeavor of two administrations, tireless waterfront advocates, and countless council people past and present. This landmark land swap agreement is an unequivocal win for the City.

“It allows the city to preserve public access to our waterfront, obtain waterfront land for public open space, acquire 1.45 acres of land for a future resiliency park in western Hoboken, and it allows the developer to revitalize the current site of our public works facility, adding vibrancy to downtown Hoboken. Residents and future generations will reap the benefits of this truly momentous deal for years to come.”

Before the end of the year, city officials said work will begin to install a crushed stone cap, funded by Ironstate as part of the land swap agreement, which will alleviate on-site ponding. The city will also work with the Hoboken Arts Advisory Committee to find local artists to wrap the property with public art displays, officials said.

Councilwoman Tiffanie Fisher, who championed the proposal of the land swap for years even before taking office, praised the closing of the deal on Thursday.

“What an amazing day to see the end to the epic battle for our northern waterfront," Fisher said. "Thank you to everyone who fought together for a decade to keep this a priority for our community, including my Hudson Tea and 2nd Ward neighbors who started this mission in 2011, Ron Hine and Fund for Better Waterfront for their tireless commitment to protecting our waterfront, and to my council colleagues and Mayor Bhalla who worked and voted to see make this happen. It took the village I am so proud to call my home and we are forever better because of it.”

As part of the signed agreement, Ironstate will acquire the Hoboken public works facility at 256 Observer Hwy. The developer will revitalize the property into a mixed-use development with roughly 30,000 square feet of commercial space and 360 residential units, including 40 affordable housing units. The development will also include a 60,000-gallon stormwater detention tank to help mitigate area flooding caused by heavy rain events.

The City has three years to vacate the public works facility and it is currently exploring options for property acquisition in the North End Rehabilitation Area. City officials intend to create a future state-of-the-art public works facility with a City Hall annex, expanded office space for the Hoboken Parking Utility, and an Office of Emergency Management Command Center in the North End Rehabilitation Area.