The Monarch Waterfront Development Site has been an item of dispute for years. Initially, the Ironstate Development Company planned to build two 11-story high-rise buildings on Hoboken, New Jersey’s waterfront. However, the city was not in agreement, and the City of Hoboken took their displeasure to the New Jersey Supreme Court, who ruled against the City of Hoboken in 2014.
What Has Happened Since 2014?
After the New Jersey Supreme Court ruled against the City of Hoboken in 2014, the City of Hoboken then took their case to the New Jersey Appellate Court, citing zoning laws that were newly enacted in 2013 as evidence. However, in 2019, the New Jersey Appellate Court also ruled against the City of Hoboken, and in 2020, the New Jersey Supreme Court decided to have one more look and sided with the appellate court.
What Are the Terms of the Agreement?
Still, even after many years of haggling in court, the Ironstate Development Company and the City of Hoboken reached an agreement. Instead of two 11-story towers on the 15th Street Pier, they will build an 11-story residential building where the old Municipal Garage once stood on Observer Highway. This site is within walking distance to the Hoboken train station, so it would be convenient for future residents. The ground floor will be used as 15,000 square feet of retail space. The land at the 15th Street Pier will instead be used to build a small park, and it will remain open space.
There will still be a need for a municipal garage, so the city has announced they will plan to build one in northwest Hoboken, and this will be funded by Ironstate Development Company, per the terms of the agreement. This garage will be part of a different project, known as the Hoboken North End Redevelopment Plan.
What Are Some Other Terms of the Redevelopment Plan?
In addition to the parking garage, other terms of the North End Redevelopment Plan include a new facility for the Department of Public Works, 4,000 square feet of retail on Observer Highway, 264,000 in a transit rental building, and 11 percent of all housing units tagged as affordable housing.
The Hoboken City Council had to vote on the agreement that concerned the Monarch Waterfront Development Site for it to be approved, and they did so on February 3, 2021. The agreement passed with an 8-0-1 vote. There is no set a date for development to begin on the project that will now commence on Observer Highway.