A new Hilton Hotel in Hoboken?
Below is a release from the proponents of a new Hilton Hotel on the Hoboken waterfront. Do you find their benefits to be accurate? Or are there other facts and intangibles that should make the city think twice before this hotel gets built? You decide.
Hoboken Hotel Update: Economic Benefits of
Proposed Waterfront Hotel Released
Waterfront hotel would create new jobs and tax revenue for city and school district
Econsult Solutions, a prominent and widely respected economic consulting firm headquartered in Philadelphia, PA, working with KMS, forecasted the economic impact to be generated by the proposed waterfront hotel in Hoboken, NJ (please click this link to view report summary).
Some of the significant findings of the study include:
- The new Hoboken Hotel would generate $21.4 million annually in the City of Hoboken in the form of total expenditures generated by guests spending outside of hotel and ongoing hotel operations
- The new Hoboken Hotel would support 120 Hoboken jobs through guest spending and by ongoing hotel operations
- The new Hoboken Hotel would generate $1,773,091 in real estate, hotel and school taxes annually to the City of Hoboken and the Hoboken School district
- The new Hoboken Hotel would generate $703,993 in new taxes to Hudson County
- The new Hoboken Hotel would generate $3,034,566 in new taxes to the State of New Jersey
“The hotel will not only create a much-needed option for families and their visitors but will have a significant positive impact on the Hoboken economy without requiring additional services or adding burden to the school district. The hotel trash would be picked up by a private contractor and the hotel adds no children to the schools,” said KMS Principal Dennis Martin.
“The City’s 2016 budget was approved earlier this year with an increase of about $3.6 million. The approximately $1.29 million that a new Hilton Hotel would generate to the City in the form of real estate and hotel tax would offset about 36% of the City’s total budget increase. That same $1.29 million would pay the salaries of 14 police officers in Hoboken. The $415,399 of annual taxes generated for Hoboken’s school district could pay for the salaries of 6 teachers. All this from a property, as a federal property, that pays no taxes to the City or School District today,” added Martin.
Developers vie for waterfront Hilton Hotel in Hoboken
Currently on the radar is a proposed waterfront Hilton Hotel in Hoboken.
KMS Development Partners is spearheading this movement – and has a new website that lays out the details (see below for more…)
Do you think the city should support this development – or just fight it tooth and nail? What would be the benefits? What about the downsides?
Proposed Waterfront Hilton Hotel in Hoboken
KMS Development Partners (KMS), the company behind the proposed plan to build a new Hilton hotel on the US Postal Service property on the south end of Hoboken’s waterfront, announced the launch of their new website www.HobokenWaterfrontHotel.com.
This website provides detailed information about the proposed hotel and gives Hoboken residents the opportunity to learn about the project, ask questions and sign an online petition in support of the redevelopment plan.
KMS is a proven developer who has successfully completed many public/private redevelopments projects throughout the country including in Philadelphia, PA, Arlington, VA, Bethesda, MD and New Brunswick, NJ.
The Post Office will be the beneficiary of significant improvements which will enhance its operation and its ability to serve Hoboken residents.
“This redevelopment brings with it a host of significant benefits for Hoboken including $1.6 million a year in new taxes, operational improvements to the Hoboken Post Office including a new underground parking facility, improved pedestrian access to the waterfront, traffic pattern enhancements, new streetscapes and hotel amenities for Hoboken residents,” said Dennis Martin, a Principal with KMS.
“The hotel proposed by KMS will be a great addition to the south waterfront, replacing a bleak view of the rear of the Post Office with a new building and greatly improved streetscape. This is an opportunity the City cannot afford to miss,” added Ron Hine, Executive Director for Fund for a Better Waterfront, a supporter of KMS’ proposed redevelopment.