By Joshua Burd
Hoboken city officials are clearing the way for an agreement with Ironstate Development Co. that would bring more than 360 new apartments to the site of a run-down municipal garage, while preserving a waterfront parcel that local leaders had long sought to protect.
Following a long-running legal battle and negotiations between the city and the developer, Mayor Ravi S. Bhalla announced last week that the city council had voted in favor of an amended redevelopment plan and an agreement that pertained to multiple sites. Chief among them is what’s known as the Monarch property in Northeast Hoboken, which Ironstate owns and had sought to develop, amid opposition from the mayor and other leaders.
Under the settlement, Ironstate would transfer the waterfront property and a separate parcel at 800 Monroe St. to the city, with the sites being designated for open space. Hoboken, in turn, would transfer a dilapidated municipal garage at 256 Observer Highway to the developer, with the agreement allowing for 321 market-rate residential units, 40 affordable residential units and 30,000 square feet of commercial and retail space.
In addition, the city would relocate the garage to an area in the city’s North End, while Ironstate would pay the city $2.5 million to account for the difference in value between the properties being exchanged, according to a news release. Additionally, the city would transfer $1 million to Ironstate to conduct improvements and clean-up at the Monarch property, along with other public purposes connected to the agreements.
“Last night’s vote cleared the most important hurdles to date in facilitating the acquisition of the Monarch waterfront property and the 1.45 acres at 800 Monroe for public open space, along with the revitalization of downtown Hoboken and the relocation of the municipal garage to the North End,” Bhalla said following the council’s May 5 vote. “My administration will continue to aggressively pursue this once in a lifetime opportunity to protect our waterfront while moving forward with a park on one of the few remaining parcels of undeveloped land in Hoboken. I thank the residents who made their voices heard at the council meeting, as well as the seven Councilmembers for their affirmative votes.”
Bhalla noted in a separate message that, if the redevelopment plan amendment was authorized by the city council, it would be referred to the planning board for a master plan consistency review and then sent back to the council for approval on second reading, potentially on May 19.
Ironstate, which is based in the city, previously sought to build two 11-story buildings on the waterfront Monarch property.