Recently, I had the privilege of speaking before the Hoboken Chamber of Commerce to discuss the opportunities facing our business community and initiatives to stimulate economic development. There are many and they are spread throughout our city. I would like to share some of the initiatives with you.
As most are aware, the city will soon adopt a new Master Plan which will guide future physical development and serve as a catalyst for economic development for years to come. Through this process, we are studying existing and future retail and commercial zones to bolster economic growth.
However, we are presently addressing current growth. We have been fortunate that the current growth has buffered our economy. The arrival of Wiley & Sons produced over 800 new jobs and many of these employees shop and dine in town. Later this year we will have an equal number of new employees when Marsh & McLennan moves to its new waterfront home. The ancillary affects have provided and will provide a crucial boost to our economy in a time of national downturn.
Washington, First, and 14th streets remain viable economic corridors to fuel our economy. River Street has become an important asset, energized with the arrival of 111 River St. and Marsh and McLennan’s commitment. Equally important is the agreement to develop the vacant "Block B" which will include a world-class W Hotel. The arrival of this prestigious hospitality chain underscores the legitimacy of this revitalization.
But our economic development initiatives are not centered solely on these initiatives. We are looking to the future and to other areas of the city. With the implementation of the Master Plan, we are exploring ways to enhance our north and south gateways, or entry points to the city. In the south, we are seeking to upgrade the Observer Highway entrance into a true boulevard to make a more appealing first entrance. In the north, we have the opportunity to create an Economic Development Zone, north of the 14th Street Viaduct. That zone, very realistically, could include the development of an outlet village very similar to that of that in nationally renowned Manchester, NH. The plan would capitalize on our desirable economic demographics, proximity to major markets and the ability to provide contiguous space to create the village.
Additionally, we will be working with our planners, administration officials and the Hoboken Chamber of Commerce to create a Special Improvement District along Washington Street. The SID, through the revenue generated by district stores, would provide capital for a cohesive marketing plan, facade improvements, streetscapes and other retail benefits. We are also working with NJ Transit on improvements to their property, particularly the Hoboken ferry terminal, which has been earmarked $100 million for improvements. The terminal building could be a focal retail and commercial center with important status as a mass transportation hub.
All of these initiatives are achievable and would enhance Hoboken and secure its place as Hudson County’s economic engine. Working together, we can make it happen.