Councilmembers DeFusco and Falco Secure European Market, 20% Affordable Housing Commitment for Hoboken Railyard
After listening to community feedback and working closely with the developers of the proposed Hoboken Railyard project, Councilman Mike DeFusco has secured a plan that guarantees a European-style market will be built during the first phase of construction at the train terminal. Additionally, Councilwoman Vanessa Falco will be introducing an amendment that will designate 20% of all new residential units constructed as part of the project as affordable housing units. These definitive commitments from the developer, if approved by the City Council, will help small businesses grow in Hoboken, encourage makers and creators to invest in the city and help prevent the most vulnerable residents from being priced out of their hometown.
“Over the past four years, I have brought all stakeholders together to actualize a plan that will bring a world class market to Hoboken Terminal,” said Councilman Mike DeFusco. “Transforming underutilized space at Warrington Plaza will bring innovative new businesses into Hoboken and improve the overall commuting experience for tens of thousands of people everyday. I’m proud that we have made concrete progress to advance this plan to create new jobs, tax revenues and opportunities to push our city forward.”
“As a proud, lifelong resident of Hoboken, I’ve seen the cost of living skyrocket in our city over the past few years and watched as neighbors have been forced to relocate their families,” said Councilwoman Vanessa Falco. “This is the largest redevelopment plan in our city’s history and it is critical new projects like this bring their fair share of affordable housing units to Hoboken. My priority as a Council representative has always been to address the affordability crisis we are facing and a commitment like this sets the tone for all future development agreements. I’m confident after transparent community conversations, we as a local government will soon adopt a plan that properly rehabilitates and invests in the neighborhood surrounding our terminal.”
A community meeting regarding the project will be held on November 25 from 6:00 to 8:00 p.m. in the waiting room of Hoboken Terminal. The amendments will be introduced during the December 4 City Council meeting with a final vote tentatively scheduled for December 18.