The New Jersey Economic Development Authority (NJEDA) Board has approved a significant tax credit award under the Aspire Program to support the development of a major new hotel on the Hoboken waterfront.
The project, developed by One SD Hoboken, is slated to become a full-service 20-story Hilton Hotel with up to 350 guest rooms. The NJEDA awarded a tax credit of 60 percent of the total project cost, not to exceed $63.4 million.
The hotel will be built on the site of the former Hoboken Post Office parking lot on Sinatra Drive, just one block from the Hoboken Terminal. This location offers unparalleled access to major public transit options, including NJ TRANSIT bus and rail, Hudson-Bergen Light Rail, ferry service, and PATH trains.
“Adding a new major hotel to Hoboken’s iconic waterfront will attract tourism and spur economic activity in the area, building a stronger, more resilient city that will benefit Hoboken residents for decades to come,” NJEDA CEO Tim Sullivan said.
The development is designed to the U.S. Green Building Council’s (USGBC) LEED Silver standard, satisfying the Aspire program’s Green Building requirements, and emphasizing sustainable development.
Beyond attracting tourism and generating economic activity, the project includes several features designed to benefit the local community:
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Public Park: Creation of a publicly accessible pocket park.
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Infrastructure: Significant streetscape and sidewalk enhancements to improve pedestrian connectivity along Sinatra Drive.
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Amenities: The hotel will feature ground-floor retail, a lobby-level restaurant and bar, meeting and event spaces, and a rooftop bar and terrace.
Hoboken Mayor Ravi S. Bhalla hailed the announcement as a success for the city. “The new hotel represents a win for our city, bringing new jobs, open space, and vital infrastructure improvements that will benefit residents and visitors alike. It’s a prime example of what we can accomplish when local and state partners work together toward a shared vision for smart, sustainable growth.”
The Aspire Program, created under the New Jersey Economic Recovery Act of 2020 (ERA), is a performance-based program designed to support mixed-use, transit-oriented development by filling financing gaps. All residential projects under Aspire must include at least 20 percent affordable housing.
