Hoboken To Hold Public Meeting On Proposed Monarch Settlement

HOBOKEN, NJ — The City of Hoboken will hold a community meeting about the proposed settlement with developers seeking to build a pair of 11-story high-rise residential buildings along Hoboken's uptown waterfront.

According to a news release, the public meeting will take place on Monday, Aug. 5 at 6:30 p.m. in the council chambers at City Hall, 94 Washington Street. It will include a discussion of the benefits of the proposed settlement and potential future redevelopment agreement for residents of downtown Hoboken.

• See related article: Hoboken Mayor, Developer Reach Tentative Deal On Monarch Project

The Hoboken City Council is scheduled to vote on the proposed settlement on Wednesday, Aug. 7.

Hoboken Mayor Ravi Bhalla previously released the following details about the settlement:

• Applied Development Company gives up the right to develop on the Monarch site, a parcel of land along the Hoboken waterfront directly in front of the Hudson Tea Buildings. In exchange, the City of Hoboken will grant Applied Development Company an opportunity to redevelop the Public Works Garage site located at 256 Observer Highway, pending the passage of a Redevelopment Agreement.
• Upon execution of a Redevelopment Agreement with Applied for the development of the Municipal Garage site, the City of Hoboken may take ownership of the Monarch site for the purpose of creating open space.
• Applied Development Company will pay the City of Hoboken up to $1 million for the removal of debris or other public improvements related to this settlement.

In addition, redevelopment of the Public Works Garage site, pending a redevelopment agreement, would include:

• A state-of-the-art facility for the Department of Public Works, paid for and built by Applied Development Company
• 4,000 square feet of retail along Observer Highway
• 264,000 square feet of a transit-oriented rental building, in scale with the neighboring buildings with zero density above what is provided for in the Municipal Garage Redevelopment Plan
• At least 11% of all housing units mandated as affordable housing

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