City officials and real estate firm SJP Properties broke ground on Monday for Waterfront Corporate Center III, the final phase of development of SJP’s 1.5 million-square-foot, three building office and retail complex on River Street.
The groundbreaking took place outside of the W Hotel at 225 River. Developers will construct a 14-story, 500,000-square-foot building on the site within the city’s 26-acre waterfront, mixed-use master plan. In February, the world’s largest learning company, Pearson, announced they will be the anchor tenant of the building. Pearson will be occupying five lower floors, relocating 900 employees from its current offices.
“This is a great day for Hoboken.” – Mayor Dawn Zimmer
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Zimmer said Monday, “I still remember when Lt. Governor [Kim Guadagno] came here and asked ‘What do you need,’ ‘What do you need’ and I sort of pointed to that big empty space. I said please if you can focus your team on helping SJP Properties bring new development, please do so.”
Bringing jobs to Hoboken
The new building, developed in partnership with USAA Real Estate Company, will be 14 stories tall, approximately four stories fewer than the neighboring W Hotel. The building is designed as New Jersey’s only waterfront LEED (Leadership in Energy and Environmental Design) silver certified office building. The exact location of the building will be at 221 River St. Development is expected to bring more than 600 construction jobs.
Mayor Zimmer said earlier this year, “The city will be working to keep the community abreast on the construction and working with them to make sure this is as painless as possible.”
In addition to 600 plus construction jobs, Pearson will also be relocating 900 jobs from Upper Saddle River and Old Tappan, N.J. This influx of people is expected to boost economy for Hoboken’s local retail and restaurants, who have been hurting since the hurricane.
Pearson already getting involved in community
Pearson CEO Will Ethridge is enthusiastic about making Pearson a part of the community of Hoboken.
“Complimenting this building is the city of Hoboken and its renaissance,” said Ethridge. “Hoboken offers excellent location, great mass transit, trains, busses, PATH service, Light Rail, water ferries, convenient access to New York City through the Holland Tunnel and the Lincoln Tunnel. Employees will enjoy the views and the feel of the place.”
Ethridge presented Mayor Zimmer with a $25K donation check for Thomas G. Connors School during Monday’s breakfast. Connors School lost their entire basement level during the hurricane, displacing their Pre K program, along with their cafeteria.
“This is a great day for Hoboken,” said Zimmer. “Doing the groundbreaking and welcoming Pearson as a member of our community. It is an excellent example of the resiliency. It will be a little bit of time before all 900 of their employees arrive, but I also want to give them a special welcome.”
Amanda Palasciano may be reached at amandap@hudsonreporter.com.