A settlement between the city of Hoboken and a housing rights group could pave the way for big changes in Hoboken’s Western Edge development.
The Fair Share Housing Center, a Cherry Hill nonprofit, sued the city last month over affordable housing components of its Western Edge Redevelopment Plan. Under the original plan, a developer could contribute funding toward a proposed community center in exchange for building additional units. Those “bonus” units would not be subject to Hoboken’s affordable housing rules, which require that 10% of residential units be geared toward lower-income tenants.
Now, after a July 15 settlement, Hoboken has released new details of the proposed development. The Hoboken City Council will vote on the amended plan Wednesday.
The developer, Block 112, LLC, reportedly a subsidiary of Pegasus Partners, is proposing two components, an 18-story residential building and a 16-story hotel.
Block 112′s proposed developments would be built on a block bounded by Jefferson Street and Madison Street just south of the 14th Street Viaduct.
The residential building will include 357 residential units and 24,526 square feet of retail space. Block 112 is also proposing a 281-room hotel.
Under the terms of the agreement, Block 112 will construct 20 on-site affordable units as well as 17 units exclusively for homeless veterans. The veterans’ housing would be constructed next to the Hoboken American Legion Post 107 building, at Second Street between Willow Avenue and Clinton Street.
The developer will also provide the city with a number of concessions. Under the terms of the new agreement, Block 112 will pay the city $3 million for a pool and community center. New York City firm Fogarty Finger is involved with design work, though no specifics have been released.
Block 112 will also provide the city with 5,234 square feet of open space, which according to the proposal will include “plaza-like features for pedestrian and public use.”
And under the proposal, Block 112 will implement a “Stormwater Management Plan” to mitigate floodwaters, which will include a “subsurface stormwater detention system” that will hold 165,000 gallons of water.
In emailed statement, Hoboken Mayor Ravi Bhalla and Fair Share Executive Director Adam Gordon hailed the proposed deal.
“Fair Share Housing Center is pleased that the city of Hoboken is taking positive steps to follow through on the settlement that FSHC and Hoboken achieved that will ensure that the proposed residential development in the Western Edge abides by the city’s affordable housing requirements,” Gordon said.
“I’m pleased that we are putting forward a redevelopment agreement that provides for substantial community givebacks that will increase the quality of life for our residents,” Bhalla said. “If approved on Wednesday, we will begin the process of creating a new community pool, one of the most requested public amenities in our city, along with housing for homeless veterans, public open space, and more.”