As Special Redevelopment Counsel to the City of Hoboken, Joseph J. Maraziti, Jr. and Joanne Vos provided legal advice to the City Council regarding the restructuring of a five-phase redevelopment project where the originally designated redeveloper became insolvent and the prior redevelopment agreement was terminated.
Mr. Maraziti and Ms. Vos drafted and negotiated complicated Redevelopment Agreements with two redevelopers for the project, which is adjacent to a new Hudson Light Rail Station in a former industrial area within the Northwest section of the City. When completed, the project will result in, amongst other beneficial components, the environmental remediation, improvement and conveyance to the City at no purchase price whatsoever of a two-acre public park. The public park, known as 7th & Jackson, will also incorporate a substantial stormwater management component comprised of an underground stormwater detention system capable of collecting up to 100,000 gallons of stormwater in heavy rain events in furtherance of the City’s important flood resistance objectives.
In addition, the project will involve the construction of 462 residential units, 10% of which will be deed restricted as affordable units, including three-bedroom family units; approximately 46,000 square feet of space for commercial use/street retail; 430 on-site parking spaces for both residential and transient uses, some of which will be offered to the public at discounted daily rates; and the improvement of the 7th & Jackson public park with a 6,835 square foot public gymnasium with indoor/outdoor exercise areas and sports court, an open grass area with public seating, a playground and a public plaza designed to accommodate vendors and seasonal markets. Click here to see the plans.