Monday, June 28, 2010

Hoboken - Community Development Update

Below is Director of Community Development, Brandy Forbes, update to the Mayor on some ongoing development projects here in town.

The update includes what's going on with the following:

ARC Tunnel - new trans Hudson train tunnel
The Park at 1600 Park and Hudson Cove
Maxwell Park - Waterfront Park also known as Block E
Maxwell Park - South Lawn also known as Block A
Master Plan Re-Examination
Southwest Redevelopment
Western Edge Redevelopment
PILOT Review progress

It's great to know where the town is going and what they are interested in development when buying or selling real estate.  When it comes to Municipal or state projects, I say it's done when it's done.  So much can happen between the time an idea is hatched to the moment of execution.  Obviously on some things are more certain than others.  The town has already received the grant for the SW pump.  We bought the pump and we broke ground on digging the hole to install the pump.  It's also not a complicated installation and is expected to be in and operational by the end of the year.  I put a 90% probability on that one.

Funds were collected in a special fund for open space that can only be used to develop more open space.  Funds have been left to rot on the vine before or even misappropriated.  In these economic times, I would not count on it as the state has pulled back funds before even after they were granted.  Anyone remember Florio?  He took back financial aid money after the semester started.  I am dating myself, but I was one of those kids who had to come up with what seemed like a lot of money in about 2 weeks otherwise, I would have de-registered from all of classes.  The grant money needed to complete the park (matching money) could evaporate at any time.  Until the land is purchased, it's still something that we all need to keep pushing for.  The restaurant that will be at the foot of that Park is coming along and I can see it done by the end of the Summer.  Wouldn't it be great to have that atmosphere in the SW?


There is also an update on a number of Hoboken's PILOT agreements (Payment in Lieu of Taxes).  PILOTs are a form of tax abatement given to low & moderate income programs and developers in theory to promote development.  The city is reviewing these to make sure PILOT payments have been collected appropriately.

Enjoy the update.  If you have any questions about what this can mean in your search call or email me.
     Comm Dev Update 6-16-10                                                            

Information provided by Donna Antonucci
Prudential Castle Point Realty
203 Washington St.
Hoboken, NJ  07030
201-240-6832
www.hobokenrealestatemonitor.com
www.hobokenrealestatevalue.com
www.donnaantonucci.com

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