Hudson County View
An artist’s rendering of the Monarch project in Hoboken.
By John Heinis/Hudson County View
“Not only will this newly revised settlement preserve and protect our waterfront from development, it also adds almost 1.5 acres of public, open space in West Hoboken that would have otherwise been developed as a residential building,” Mayor Ravi Bhalla said in a joint statement.
“This deal is a win-win-win for Hoboken: preserving our waterfront, adding open space and adding commercial retail space while revitalizing an area of downtown Hoboken.”
The proposed agreement notes that Ironstate’s obligation to transfer 1.4 acres of undeveloped land at 8th and Monroe Streets to the city replaces the previous requirement of Ironstate to build the City a new municipal garage at 256 Observer Highway.