NEWS |
144-98: FOR IMMEDIATE RELEASE , October 14, 1998
Mayor Russo and Port Authority Executive Director Robert E. Boyle announced the selection today at a press conference at the waterfront site. At nearby Pier A, preconstruction activities are already under way for more than five acres of waterfront parkland for public use, scheduled to open in spring 1999.
When complete, the Hoboken South Waterfront project will include office, hotel and retail space, in addition to housing, with more than seven acres of public recreational open space. The Port Authority has provided funds for land purchases, open space and public infrastructure improvements.
"Applied has long been Hoboken's premier developer," Mayor Russo said. "And coupled with the financial backing and reputation of the Starwood/Heller Group, we now have extremely high-quality developers in place on Block C.
"Hoboken's Southern Waterfront will soon be an economic powerhouse for the City, providing new living space and new recreational opportunities in one of the most desirable locations in our region. To see this project finally get under way, after so many years of planning and effort, is certainly a high point of my administration. Finally, Hoboken will have a waterfront open to the public for recreation and enjoyment."
Port Authority Executive Director Robert E. Boyle said, "The entire Hoboken South Waterfront development project is an excellent example of the kind of public-private partnership that Governors Whitman and Pataki want to see. The Port Authority's commitment of almost $80 million will leverage private sector investment worth more than several hundred million dollars.
"With this development, Hoboken citizens and visitors alike will, for the first time in memory, be able to enjoy their waterfront. The project will create more than 12 acres of new parks and open space, with matchless vistas of the Hudson River and the awe-inspiring Manhattan skyline."
The current development plan for Block C consists of 200 one-bedroom units, 256 two-bedroom units and 66 three-bedroom units, together with 465 parking spaces and 51,000 square feet of retail space, all contained in a 12-story "E"-shaped building. The shape not only maximizes apartment views of the Hudson River but also breaks up the mass of the building into three separate structures. In keeping with Hoboken's rich architectural tradition, the building façade will incorporate the same kind of masonry and stone materials used elsewhere in the City.
Applied/Starwood Heller is the second developer to be selected for the South Waterfront development, with SJP Properties of Parsippany, N.J. designated previously to develop 1.1 million square feet of commercial office and related retail development on Hoboken South Waterfront Block A.
The South Waterfront is a planned mixed-use development of some 2.3 million square feet of space on three city blocks. The City of Hoboken, in partnership with the Port Authority, is transforming 50 acres of unused waterfront property into a unique commercial, residential and recreational area that will provide thousands of new jobs and significant economic growth while ensuring public access to the waterfront and much needed recreational space. In addition to the residential development, the overall plan calls for a minimum of 1.5 million square feet of commercial office space, a 300-room hotel, a total of 125,000 square feet of retail and more than seven acres of recreational open space.
As part of its waterfront development commitment to New York and New Jersey the bistate Port Authority has authorized $80 million for land purchases and open space and public infrastructure improvements for the Hoboken South Waterfront project. Currently, all on-site demolition activity has been completed and the first phase of public improvements is nearing completion. The Port Authority also provides funding and development expertise for the creation of the Queens West waterfront development project in Long Island City, New York.
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