With inspiring views of Manhattan, a vibrant nightlife, well-reviewed restaurants and a colorful history as the birthplace of Frank Sinatra and baseball, Hoboken has become one of the most popular tourist destinations in the Garden State. But what it doesn’t have, and hasn’t had in many years, is a hotel to house those tourists.
That is about to change with the announcement that the city and the New York/New Jersey Port Authority have designated two developers to build the city’s only hotel and a new office tower on the southern waterfront.
“This is a historic day for Hoboken as we mark the conclusion of many years of discussion, hearings and negotiations to develop what many consider one of the most desirable pieces of property in the United States,” said Mayor David Roberts at the ceremony to designate developers for the last parcel of city-owned property. Roberts was joined by Rep. Robert Menendez (D-13th District). “This is the last piece of the puzzle for Hoboken’s southern waterfront,” he said, “and represents our city’s transformation into a truly cosmopolitan urban center.”
During the next decade, the project will pump over $50 million into the city’s coffers and will create more than 3,000 jobs, Roberts added.
The Southern Waterfront Redevelopment, which runs from First to Fourth streets along the waterfront, is a mixed-use project that is the product of a partnership between the city and the Port Authority.
As per a 1980’s agreement, the land was divided into three parcels or blocks. The southernmost block is home to the Waterfront Corporate Center, which is being developed by SJP Properties, a Parsippany-based commercial builder. It will ultimately include 934,000 square feet of world-class office space in two identical building towers. John Wiley & Sons occupies 111 River St., while Marsh & McLennan, a leading financial services firm, is set to move into 121 River St. this summer, according to SJP officials.
Other office tenants include Japan’s Sumitomo Trust & Banking, France’s CPR (USA) and Fuji Securities, currently known as Mizuho. Retail tenants of the award-winning development include PNC Bank, Wolfgang Puck, Club H and Chock Café.
On the northernmost block, commonly referred to as Block C, a residential building at 333 River St. is now open. The building was constructed by the Applied Companies in partnership with Starwood Heller, LLC. Applied, one of the major players in the area’s apartment market, has filled its $100 million E-shaped building, which offers 526 studios and multi-bedroom units and more than 60,000 square feet of street level retail.
That only leaves the space on Block B for development. The city has effectively decided to divide Block B into two sections.
In a waterfront signing ceremony on Pier A Park last week, Steven J. Pozycki, CEO of SJP Properties of Parsippany, and Michael Barry, a partner in the Applied Companies, were introduced as the developers of the block. SJP will develop a 450,000-square-foot, Class A office building that will include 40,000 square feet of retail space. Applied will develop a 275 room, full-service luxury hotel.
While city officials are not ready to announce which chain will occupy the hotels, it was released in November of last year that White Plains, N.Y.-based Starwood Hotels and Resorts was in discussion and was an early frontrunner. Starwood properties include W Hotels, Sheraton, St. Regis and Westin. Roberts said Wednesday while it would premature to officially announce that Starwood properties is definitely going to bring a W Hotel to Hoboken, he said that “it’s still the city’s intention to have a W or a hotel of equal quality.”
According to Barry, the hotel will be an economic engine for the city. “As a Hoboken-based company, we are committed to the city and its future,” he said. “We are excited to be designated the developer of the community’s first hotel, as it will play a major role in the city’s economic development.”
Pozycki added that Hoboken’s Southern Waterfront can be a jewel of New Jersey’s Gold Coast.
“SJP Properties is honored that Port Authority and the city are committed to our continued leadership role in the transformation of Hoboken’s waterfront into a model of mixed-use urban development,” said Pozycki. “We look forward to working in partnership with the city and Port Authority to make the final component of this world-class vision of smart urban planning a stunning reality.”
Since 1991, SJP Properties has been built Class A office space and corporate campuses in the New York Metropolitan area serving major multinational and national tenants.