This project would not have been possible without the partnership that was created between Bijou Properties and the City of Hoboken. Through collaboration with the City administration and the Redevelopment Subcommittee, a redevelopment plan was established which allowed the transfer of development rights from the two adjacent parcels - which are now parks and open space - to the lot which now contains the mixed-use residential building.
To be specific, Bijou Properties purchased two additional parcels each with its own as-of-right zoning. By transferring the development rights from those additional parcels to the original parcel, Bijou was able to develop the two public parks. A comprehensive redevelopment agreement, which included tax incentives, was put in place that allowed the public portion of the project to be built without city dollars. This creative deal-making couldn’t have happened without intense collaboration and cooperation between the developer and the City.
7 Seventy House realizes that this redevelopment area provides an opportunity to incorporate durable flood protection and resiliency, traffic calming measures, and improve pedestrian safety into the vision of its development. By incorporating stormwater detention systems underground, a variety of stairs, various seating levels, and rain gardens into the development, flooding levels will significantly and successfully recede, reduce the urban heat island effect, protect residents and businesses from unfair flood insurance, and protect the people and urban character of Hoboken.