Major employment openings, infrastructure improvements in store with Murphy’s upcoming project
Yesterday, Gov. Phil Murphy (D-N.J.) announced the start of the Hoboken Connect project, a major effort to produce new office and retail space, affordable housing and improvements to public infrastructure near Hoboken’s train station, according to a press release.
Private and public components will be used to implement the multi-phased project for the next five years. The completion of the project will help support 15,290 permanent jobs and $234 million in tax revenue each year.
The project has been developing for approximately 15 years and was put into action by the Murphy administration by collaborating with multiple partners, such as NJ Transit and the city of Hoboken, according to the release.
“Made possible by a combination of vision, tenacity and public-private synergy, the Hoboken Connect project will serve as a microcosm of all that my administration is determined to accomplish,” Murphy said. “In addition to incorporating environmentally sustainable design features, this long-awaited development will also produce millions of dollars in revenue for both Hoboken and NJ Transit.”
Additionally, Hoboken will gain 4,433 in-person jobs to fill, $9.6 million in yearly retail spending and $4.5 million in annual revenue. NJ Transit will gain from ground lease payments, an increase in riders and improvements in customer experience. More than 9,800 construction jobs will come as a result of the project, as well.
A residential building with 389 apartment homes, with 20 percent being used as affordable housing, as well as office space and retail space will be developed during the private phase of the project, according to the release.
During the fiscal year 2023 budget agreement, Murphy and the Legislature agreed to dedicate $176 million to the implementation of this project through the Debt Defeasance and Prevention Fund.
“This game-changing project will connect New Jerseyans to economic opportunity through affordable housing, public and active transportation options and thousands of good-paying jobs,” Murphy said.
