Hoboken is considering one of its largest redevelopment efforts in decades as Pegasus Properties advances plans for a mixed-use complex at 1200 Madison Street, a 3.5-acre former factory site. Following a 2023 settlement with the city that granted higher residential density, the project now envisions 1,301 apartments that include 135 affordable units, built across three phases.
Designed by Skidmore, Owings & Merrill, the 21-story tiered development would incorporate rooftop terraces, 51,860 square feet (4,817 square meters) of retail fronting Northwest Resiliency Park, and 832 parking spaces. Plans also include nearly 38,000 square feet (3,530 square meters) of public space, a new bike lane, and USD$3 million in community benefit payments. Flood resilience measures such as engineered vents and deployable barriers are built into the design.
The proposal, which still requires planning board approval, was reviewed by Hoboken’s City Council on September 17. Approval from the city’s planning board will also be required before work can commence.
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