Hoboken waterfront development takes step forward.

The Hoboken South Waterfront Development, the most significant new development project on New Jersey's Hudson River "Gold Coast," took a major step forward on November 6 with the signing of SJP Properties of Parsippany, NJ, to develop the first block, containing 1.1 million square feet of office and 50,000 square feet of retail.

The selection of SJP was announced at a ceremony at the World Trade Center by Hoboken Mayor Anthony Russo, Port Authority Chairman Lewis M. Eisenberg, and Port Authority Executive Director George J. Marlin, who then signed the development agreement with SJP President Steven J. Pozycki.

Governor Christine Todd Whitman said, "This development agreement is terrific news for Hoboken, Hudson County, and the State of New Jersey. Hoboken is one of our region's most vibrant communities, and The South Waterfront project is destined to become a symbol of Hoboken's remarkable renaissance."

"We are creating an exciting new worldclass complex of commercial, residential and recreational uses that will generate 7,000 new permanent jobs and will be a significant addition to the local and regional economy," said Mayor Russo.

Chairman Eisenberg said, "The South Waterfront is one of the most ambitious public-private projects of its kind in the country. Fulfilling its commitment to assist both states with the development of under-utilized waterfront areas, the Port Authority has committed more than $75 million to this project. Our investment in Hoboken, and our investment in its New York City sister project, Queens West, are literally laying the groundwork for the private sector to come in and reinvigorate these wonderful waterfront assets. In the process, these developments will create and attract thousands of jobs and, through the creation of new parks and esplanades, make the waterfront accessible to citizens and visitors alike for their enjoyment."

The South Waterfront is a planned mixed-use development of 2.3 million square feet of space on three new city blocks, located next to the historic Hoboken Terminal. The City of Hoboken has joined forces with The Port Authority of New York & New Jersey to transform 50 acres of unused waterfront into a unique commercial, residential and recreational community that will both preserve and integrate the City's architectural heritage and ensure continued public access to the waterfront.

SJP Properties, an award-winning real estate development, investment and management company, was chosen by a joint selection committee of City and Port Authority officials to develop the first phase of the project.

The SJP development consists of 1.1 million square feet of Class A office space, 50,000 square feet of ground-level retail space and associated parking - all on a new city block at the water's edge - adjacent to the historic Hoboken rail, bus, PATH and water ferry transportation center.

"The site offers great flexibility in designing a building to meet the specific needs of a tenant," said SJP President Steven J. Pozycki. "On this site, SJP Properties has the ability to construct a single building with large efficient floor plates of up to 95,000 square feet, the largest available in a modern building on the waterfront. Alternatively, the company can develop two separate buildings to provide greater corporate identity."

As one of the most ambitious public-private projects of its kind in the country today, the Port Authority has committed more than $75 million for land purchase, the creation of ten acres of waterfront parks, piers and public open spaces and infrastructure development that will appeal to cutting-edge companies that need state-of-the-art technology in a unique corporate environment.

The South Waterfront, which is fully approved by City, State and Federal authorities, is located on the Hudson River directly across from Midtown Manhattan. With more than 1,600 feet of riverfront, the property offers spectacular and unobstructed 180-degree views of the Manhattan skyline. The overall development calls for 1.5 million square feet of office space, a 300-room hotel, over 400 residential units, 125,000 square feet of retail space, associated parking and 525,000 square feet of public and open spaces.

"Never before has a Class A office project of the size and scope of The South Waterfront been available in Hoboken," said SJP's Pozycki. "This is the first time companies have the opportunity to simultaneously take advantage of this prime office location and have a building designed to meet their specific needs."

In addition to the flexibility of its planning, The South Waterfront offers excellent accessibility. In fact, it is the only development on the waterfront that offers immediate access to every mode of transportation possible, including the PATH rail system, New Jersey Transit trains and buses, local bus lines and the New York Waterway Ferry.

Next to the site is the historic Lackawanna Terminal, now known as Hoboken Terminal. A $35 million renovation project has begun already to restore Hoboken Terminal to its original condition and expand the concourse and terminal area to accommodate thousands more passengers.

The Port Authority already has cleared most of the site for installation of underground utilities and roads for the first phase. Pozycki said they are talking to many providers of power and telecommunications services to meet the specific requirements of today's corporations.