COVER STORY, FEBRUARY 2006

HOBOKEN'S NEW HOT SPOT
As a mini-village within the city of Hoboken, New Jersey, Monroe Center offers both cultural and commercial uses to area residents.
Lara Fuller

Monroe Center is a 1.2 million-square-foot project in Hoboken, New Jersey. Renovations on the existing structure will be complete this year, with the balance of the project under construction and scheduled for delivery between 2007 and 2009.

What most distinguishes the Monroe Center development from other mixed-use centers is the importance placed on cultural and artistic elements. “Monroe Center development's paradigm is based on the belief that artists and creative thinkers positively contribute to a community and help create that community's sense of place,” say Dil Hoda and Gerry Saddel, principals with Monroe Center Development, developer of the project. “As an area becomes a destination known for quality cultural events, charming restaurants and superior retail experiences, property values and rental rates in that market increase rapidly because people want to participate in these communities.”

Hoda and Saddel envisioned an artistic and cultural district for Hoboken more than 15 years ago. In 1990, the business partners purchased an abandoned Levelor Blind Factory at 720 Monroe Street and planned to create a haven for small businesses and artists. The 200,000-square-foot building soon became home to more than 70 artists and 130 small businesses. Soon after, the partners discussed expanding the development to include other uses, including retail, residential and restaurants. “When New Jersey Transit proposed construction of a light rail stop adjacent to the site, [we] realized it was time to make the vision of a unique community into reality,” say Hoda and Saddel.

Development is underway on Monroe Center's expansion. When completed, the 1.2 million-square-foot project will include 125,000 square feet of retail space, 116,000 square feet of commercial studio/ artist workspace, 435 residential units and 1,120 parking spaces. Other features will include extra-wide sidewalks and awnings to promote sidewalk cafes and other outdoor commercial and traffic-generating activities; rooftop gardens and green public spaces; environmentally friendly fountains; reflecting pools; and a hammock park.

When finished, Monroe Center will feature six buildings: the two existing buildings and four new structures. At 720 Monroe Street, the current Monroe Center for the Arts is being expanded to include artist studio space and 70,000 square feet of retail and restaurant space. An independent film and performance theater will be located on the first and second floors. A new structure, 800 Monroe Street, is currently under construction and will feature 123 residences, 17,000 square feet of retail and 386 parking spaces. Two additional new structures, 700 Jackson Street and 800 Jackson Street, will feature 15,000 square feet of retail space, 237 residences and 734 parking spaces. The final phase of the development will be 700 Monroe Street. The building will include 20,000 square feet of retail space, 75 residences and 6,000 square feet of commercial/studio space.

Maintaining the development's integrity as a haven for artists is very important to the developers. When first embarking on the redevelopment, Hoda and Saddel were often told to evict the artists in order to move forward with the project. However, the developers knew that the artists were an integral part of the area's character. “Development should embrace the artistic, historic and cultural environments,” says Hoda. “With a little creativity and ingenuity, the artists can stay. It [was] the right thing to do and we will benefit.” Most of the artists moved to new studio space on the upper floors, freeing the lower floors for commercial and retail uses. The company is now seeing the results of that decision. “With thousands of people now visiting Monroe Center for the Arts each day for art classes, cultural events and business meetings, the market is now highly desirable,” says Hoda and Saddel. “The promise to maintain this segment of the community has helped bolster area condominium prices to beyond $600,000 per unit. Prices are expected to jump even higher once the retail tenants are put in place, offering dining and shopping to this retail-starved urban market.”

Hoda and Saddel's vision is to create unique urban village within a city. By focusing on bringing in cultural events, unique restaurants, cafes and bistros, and specialty boutiques and shops, the developers will do just that. “The housing market in the New York metropolitan area continues to be robust, and as more and more development occurs, developers must seek to differentiate themselves from the ordinary by providing unique amenities for retail tenants and condominium owners alike,” say Hoda and Saddel. “It is this combination of culture, community and quality development that will draw people to Monroe Center. A project of this scale in a wealthy, educated and densely populated market has enough gravity to draw the attention of retail shoppers and condominium buyers not just from the immediate market, but from all over the Tri-State area.”

HLW is the general architect for the Monroe Center project; VJ Kale and Associates and Richard Demarco are handling apartment design; Victoria Marshall is the landscape architect; Daibes Construction is the general contractor and Monroe Center Management is the property manager. Multiple phases are currently underway, with completion of the 720 Monroe Street renovations scheduled for June 2006, completion of 800 Monroe Street expected by May 2007, completion of 700 Jackson Street and 780 Jackson Street scheduled for October 2008 and completion of 700 Monroe Street expected by April 2009.

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