Jury Sets Price For Hoboken Park Purchase At $4.48 Million

Hoboken city officials announced on Wednesday that the price for the acquisition of the property for the first phase of the Southwest Park has been set by a unanimous jury decision at $4.483 million.

According to city news release, $3 million of the cost has been paid for using a grant from the Hudson County Open Space Trust Fund, and the $1.83 million balance will be funded through the City’s Open Space Trust Fund.

According to a release, the property owner was seeking $8.4 million and a condemnation board had previously established a price of $5.4 million, a decision which city officials appealed.

The $4.483 million price represents a nearly $1 million reduction from the condemnation board decision, according to city officials.

The final park plan can be viewed online here.

City administrators expect to bid out the construction for the project in early 2016 after the state issues final permit approvals, according to a release.

The Southwest Park is one of three resiliency parks planned as part of the municipal Rebuild By Design plan.

• See related article: Hoboken Seeks $4.8 Million Loan to Construct Southwest Resiliency Park
• See related article: Hoboken Moves Ahead With Eminent Domain Plans For Resiliency Park
• See related article: Hoboken: Contamination At Eminent Domain Purchase Site Is BASF’s Responsibility

Rendering courtesy of the City of Hoboken

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