Madison Views:
Hoboken, NJ

Madison Views continues to progress through its predevelopment phases. Our architects, following City Council and Planning Board meetings, are in the process of fine tuning the construction plans. These plans adhere to the city ordinances. This is all in preparation for the upcoming meeting we will have with city officials, scheduled to take place April 21st. This is the first reading of our refined plans. After this meeting, the Planning Board review is scheduled to meet on May 5th. From there, the Redevelopment Plan amendment should be heard at the second Council reading on May 6th. Once these two readings transpire, the plans will be then sent to the planning board yet again. That meeting will not be scheduled until after the second reading. If all goes according to plan and there aren’t any unforeseen delays in the predevelopment process, we expect final approvals for our plans to occur June/July 2021.

However, there are other matters that will be readily available far sooner. Our Structural Engineer plans to have a bid ready for pricing come the middle of May. Should this bid be prepared on-time, it would be 100% complete come the end of that same month. Similarly, the Civil Engineer has coordinated with the NHSA and DEP on flood hazards, soil erosions, and stormwater management. Following these meetings, the Engineer has updated drawings submitted to the city. These updated and final plans are set to be submitted during the second half of April. In additional news, we have received the final draft of the Environmental Phase 1. Thanks to readings from a Ground Penetrating Radar, it was discovered that an underground storage tank – or UST – resided beneath the site of the prospective Madison Views. A Remedial Action Plan was set in motion. The Plan led to the successful removal of the abandoned UST. Soil samples were then taken, revealing that the earth was below remediation standards. As a result of these findings, we installed a monitoring well. We installed these monitoring wells near where we collected two rounds of clean soil samples. Following these new findings, we requested a No Further Action from the NJDEP. We are glad to state that, following a Phase II Environmental Investigation, the place upon which the Madison Views will be built has been issued a clean bill of health.

We anticipate this site will be built and completed in two years. By then, there will be a lower housing supply and higher demand. The high-demand for homes seen in the post-COVID era bodes well for the pricing of luxury residences like the Madison Views. Should these trends hold as they have for the Green Roof Condos, we anticipate ex-New Yorkers to move to Hoboken in large numbers. The Madison Views will be in high-demand for these new New Jersey residents.

The combination of the above factors positions us to capitalize on the Hoboken housing market when our condos arrive for pre-sales during late 2022 and deliveries during 2023. “New” Hoboken housing product is in short supply and greatly challenged by the limited land supply as well as the navigational nuances of the political approval process.