Future of North Hoboken?
Construction progressing at 1450 Washington Street
Construction has picked up pace at the new Toll Brothers project called “1450 Washington.”
Spotted these Toll Brothers representatives having what appeared to be a very serious conversation last week. They said the site was safe and no problems should be expected.
See previous updates – after the jump!
Construction starting at 1450 Washington in Hoboken
Last week, Hoboken411 told you that action was picking up in the area of 15th Street between Bloomfield and Hudson Streets. Well, it’s official: The project known as 1450 Washington Street (no fancy names for this building) – has begun.
Good news: No pile driving!
Since this building is far enough from the waterfront, extensive pile driving is not necessary, as the building is being constructed with a “spread foundation” (or spread footing). Area residents should be thankful for that. The building will be 12 stories high, and have mixed-use retail on the ground floor. There are provisions in the plans for one restaurant (of a high caliber) – but that will depend on market conditions when the project is completed in about two years or so. Most buildings that Toll Brothers construct typically start out with the intention to be sold as condos.
The construction noise is about to begin!
A Toll Brothers representative said that the next phase of construction is going to begin “any day now.”
What’s up with this parking lot action?
A flurry of activity taking place at one of the parking lots along 15th Street this week. They moved the construction trailers from the lot west of Washington – to the lot to the east.
Does this mean that Toll Brothers is ready to break ground on yet another Hoboken hi-rise?
Often times, we just acknowledge what we “see” around us. But how frequently do you wonder what the future may bring, and what effects it might have on you, or the city you live in?
Hoboken changes fast
A lot has changed in Hoboken in the past 10-15 years. So much new development has crept in, it’s totally shifted the look of entire quadrants of the city. Much of it is good, with safer streets, more places to live, play & hang out. However, the down side is the utter lack of parking, crumbling infrastructure and the economic risks associated with over-development.
This seems to be the “third renaissance,” as in the 1970′s and late 80′s the Barry’s (Applied Development), while much maligned at times, played an essential role in reviving Hoboken to what is is today. More on that another time.
In the mid-90′s the North/Northeast section of Hoboken was crap. Since then, thousands of new units have been created as the mid-rise apartment towers sprouted up. Starting with the Hudson Tea Building, and including Maxwell Place (once finished), over a dozen new towers have been created. This isn’t even considering the western edge of town, either! With Applied, Toll Brothers, Tarragon/URSA and Metro Homes all competing to get a piece of the Hoboken “Pot ‘O Gold,” it makes you wonder “when is it going to stop?”
While the Real Estate market has been in the news lately, along with the volatile economy in general, doesn’t mean we’re all done with the growth.
In the picture below, I’ve put into perspective as to what the last remaining lots of N. Hoboken may have in store. Most of this property is owned by Toll Brothers. It’s part of the “Planned Urban Development” or PUD that includes all of the open properties around the Tea Building. Most of the property doesn’t have any final plans yet, and any changes or site plan approvals need to go before the planning board.
Toll is probably not in a big hurry to build there in this market. Their priority is to finish Maxwell Place and Harborside Lofts and then move back to the Tea Building complex. They are already at risk of flooding this market, and the last thing they want is Hoboken condo prices to drop further because they are putting to much inventory into the system. Supply and demand, you know?
There is one additional Applied building on the block just west of the Sovereign which is also moving forward through the planning board. On the north is another 12 or 13 story rental building, and possibly another to the south. Toll owns the property west of Hudson Street while the properties east are a combination of Applied-owned and city-owned land.
What will four or five additional towers mean for some small business in that area?
What about the “tiny” buildings like the bank, or City Bistro and Uptown Pizza? Imagine being on that rooftop bar completely surrounding by brick? Or maybe they’ll get a nice payday as the developer may want to buy them out.. who knows.
With tiny two-lane roads in and out of Hoboken, I’m not sure how much more growth we can sustain.
What are your thoughts?