New Step In Plan For 386 Apartments, 20-Story Office Tower At Hoboken Terminal

HOBOKEN, NJ — NJ Transit’s Board of Directors approved an agreement Tuesday with the company redeveloping the Hoboken train terminal area for a mixed use development, with 386 apartments and a 20-story office tower planned.

They approved a ground lease agreement with LCOR Hoboken Rail Station Redevelopment, LLC for the Hoboken Connect project.

NJ Transit said, "The project is a multi-phased initiative that will consist of mixed-use development and public infrastructure improvements to the Hoboken Bus Terminal, Ferry Terminal Building and the area surrounding the rail station. These components will be implemented in coordination over the next several years."

The three proposed phases of the project will support 5,840 jobs during the construction phases of the project and support an estimated 7,265 once construction has been completed.

NJ Transit said, "The ongoing economic impact of the project is estimated at over $2.08 billion annually at full build-out, with over $1.0 billion estimated in annual payroll. Upon completion, the development is projected to support an estimated 3,885 direct new jobs at the development within the city of Hoboken, driving local spending and ratables, while NJ Transit will benefit from non-farebox revenue ground lease payments, increased ridership, and customer experience improvements."

Twenty percent of the apartments will be affordable housing, they said.

Besides the apartments and office tower, the project will include 5,000 sq. feet of retail space and open space investments, including additional pedestrian, vehicular, and bicycle improvements.

Workers will construct a new bus terminal on Hudson Place, rehabilitate the first and second floors of the Ferry Terminal Building for commercial and exhibition space, redevelop Warrington Plaza, and improve Hudson Place to support bicycle and pedestrian access to the transportation facilities.

Gov. Phil Murphy committed $176 million in the FY23 state budget for the public improvement phase.

All improvements will be made in accordance with historic preservation guidelines where applicable, NJ Transit said.