Hoboken Votes For Monarch Waterfront Development Settlement

HOBOKEN, NJ — The Hoboken City Council on Wednesday voted 8-0-1 on an agreement with a developer that allows that developer to build an 11-story tower near the city's southern border rather than on the north waterfront.

“I thank the City Council for adopting the Monarch settlement agreement tonight,” said Mayor Ravi Bhalla in a statement on Wednesday. “This is a critical step forward that will facilitate continued negotiations with Ironstate to protect our waterfront from large-scale development, add much-needed open space, revitalize downtown Hoboken with 15,000 square feet of commercial space, and make quality of life improvements for our city."

The agreement has been revised and litigated over many years. Originally, the city was concerned that Ironstate planned to build its Monarch Development on the 15th Street Pier on the north waterfront.

"While no deal is perfect, we are well on our way to creating a historic agreement that will benefit all of our residents for many years to come," Bhalla said.

Ironstate will no longer build two 11-story high-rise buildings on north waterfront property as planned. Now, they will give the city 1.4 acres of land for open space. In exchange, Ironstate can build an 11-story residential buliding at the site of the old Municipal Garage on Observer Highway, walking distance to the Hoboken train terminal.

The proposed agreement includes the transfer to the city of 1.4 acres of Ironstate's undeveloped land at Eighth and Monroe streets on the west side of town. The city will keep it as open space.

Ironstate will be permitted to build at 256 Observer Highway, with ground-floor commercial retail space.

The proposed settlement agreement will provide the city the option to fund a temporary municipal garage in northwest Hoboken with funds from the developer. The city will identify a location for a permanent Municipal Garage in a suitable location in Hoboken’s North End, as reflected in the draft North End Redevelopment Plan.

Activist agrees

“The Shipyard’s proposal to build the Monarch Towers would have privatized a portion of Hoboken’s waterfront that is otherwise public,” said waterfront activist Ron Hine earlier this week. “This settlement brings to an end a contentious, decade-long battle that has pitted a developer against the city, the Fund for a Better Waterfront and neighborhood residents. Instead of residential towers on a pier jutting into the Weehawken Cove, we now can look forward to a small park but more importantly an opportunity to complete a continuous, public park for the entire length of Hoboken’s riverfront.”

Now Hoboken and Ironstate can negotiate a Redevelopment Agreement to include all the project details.

The details

• See an earlier story on the agreement here.
• For a copy of the settlement agreement, please click here.

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