HOBOKEN– The New Jersey Transit Board of Directors approved a lease for retail space at Hoboken Terminal on Sept. 10, which will result in the development of a 3,800-square-foot food court.
The new food court will feature Subway, Sbarro’s, Cinnabon, Carvel and Einstein Bros. Bagels, and a satellite snack bar, according to a press release from NJ Transit.
According to New Jersey Transit spokesperson Courtney Carroll, the food court is anticipated to be open by late spring 2011.
“The new food court will be in the same location as the existing food court,” Carroll said in a phone interview on Friday. “It will be a consolidation of the spaces near the PATH entrance, by tracks one through four.”
The board authorized a 10-year lease with Gateway Foods, LLC, for operation of the 3,800 foot food court. The annual base rent for the area is $759,000, or a mixed percentage rent between 16.5 and 18 percent of annual gross sales – whichever amount is greater. In addition, Gateway Foods will invest $1.2 million in capital improvements to the leased premises, according to a press release.