By Real Estate NJ
Hoboken is set to pay $30 million to buy more than six acres in its northwestern end to build the city’s largest park, according to a published report.
The report by NJ Advance Media said Mayor Dawn Zimmer on Tuesday signed a deal to buy the acreage from BASF, following years of negotiations that saw the purchase price triple. City officials told the outlet that the overall cost of the park could total $50 million, including the purchase price.
Hoboken is set to solicit bids for design after a closing, which is scheduled for next week, a spokesman told NJ Advance Media. The report said the site is bounded by Adams, Madison, 13th and 12th streets, plus a narrower section stretching about a block south.
The formerly contaminated BASF site today is largely vacant, but the deal comes as developers look increasingly toward northern and western parts of city, seeking new opportunities. About three blocks east, Advance Realty recently opened a new mixed-use building that will house 140 luxury apartments and the city’s first Trader Joe’s.
For more, see Wednesday’s story by NJ Advance Media.
More New Jersey real estate headlines
Logistics firm signs lease for 343K sq. ft. off of Interchange 8A (NJBIZ)
Brown calls on Christie to overturn $225,000 CRDA severance package (The Press of Atlantic City)
Demolition ongoing for six-story, 27-unit mixed-use project planned at 500 Palisades Avenue, Jersey City (Jersey City YIMBY)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.