The Mile Square City is slated to acquire almost three acres of property they hope to turn into parks as part of an agreement with a local company, who in exchange will redevelop a block of Observer Highway.
15th Street Pier, Hoboken. Image via Google Maps.
By Chris Fry, Jersey Digs
During their February 3 meeting, Hoboken’s city council approved a deal that should end longstanding litigation with Ironstate Development. The lengthy dispute was triggered around a 1.4-acre pier at 15th Street and Sinatra Drive upon which the company wished to build a 78-unit project called The Monarch that would consist of two 11-story towers.
The now-defunct development, The Monarch. Rendering via The Fund for a Better Waterfront.
The proposal has been tied up in litigation since the early part of the last decade, but a settlement that would shelve The Monarch plans was reached in 2019. Under that deal, the city would receive title to the 15th Street pier “as is” plus a $500,000 payment from Ironstate toward improvements at the property.
The latest settlement approved by the council doesn’t change the details regarding the pier, but additionally includes the transfer of another 1.4 -acre plot at 800 Monroe Street. Ironstate will be turning over that property to Hoboken under the deal, which essentially tables a proposal we reported on early last year that involved a 10-story building with 186 rental units.
Site of proposed redevelopment: 800 Monroe Street, Hoboken. Photo by Chris Fry/Jersey Digs.
In exchange, the city will remit control of their current Department of Public Works Garage site to Ironstate. The company will be permitted to develop a new 165-foot-tall building at the block-long property, which can also include 4,000 square feet of ground-floor commercial retail space and parking for residents. The settlement requires 11% of the building’s units to be set aside as affordable housing, slightly higher than the city’s 10% standard.
Ironstate will not be required to build the city a new municipal garage at the site under the new deal, which was a requirement before the settlement was approved. The company instead will be contributing $1 million toward a temporary DPW garage in a northwest Hoboken location to be determined later.
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