Industry Update
External Article10 October 2018

Hilton Hotel Deal To Include $4.5m In Community Givebacks

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NJ.com

Hoboken Mayor Ravi Bhalla and other city officials yesterday announced a "major milestone in the history of the Mile Square City" -- a multimillion-dollar development deal that will build the city's second waterfront hotel and inject more than $4 million in community givebacks.

The deal, which was finalized shortly before a scheduled press conference, will bring a 20-story Hilton hotel to the city's southern waterfront, joining the 27-story W hotel located several blocks north.

When completed, the hotel will tower over the historic Frank Sinatra Post Office, built in 1931 at the corner of Newark Street and Marine View Place. Developers say the landmark building will be refurbished during construction.

The $4 million in community givebacks from the developer will be used to make infrastructure upgrades in the city, and will also be dispersed among several entities, including the Hoboken Public Education Foundation (HPEF), Hoboken Community Center (HCC), and city's charter schools.

Read the full article at NJ.com

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