Pegasus Realty Solutions pitches mixed-use high rise in Hoboken

A proposed development in Hoboken could transform a neglected property into a place to play, but residents fear it will also bring more of what the city doesn't need. (5/13/14)

HOBOKEN - A proposed development in Hoboken could transform a neglected property into a place to play, but residents fear it will also bring more of what the city doesn't need.

Pegasus Realty Solutions is pitching a proposal to the community before it presents to the Hoboken zoning board next week. They want to turn an old parking garage at 1300 Jefferson St., which is surrounded by empty and neglected lots, into a mixed-use development.   

It will have the usual residential and retail components, but also recreational facilities including a bowling alley and rock-climbing gym.

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"The demographics have changed over the last few decades," says Hany Ahmed, of Pegasus Realty Solutions. "We see a transition from a young college crowd to a crowd who decided to have children, and a crowd who decided to stick around and raise their children here."

Some are concerned about adding more housing to an already crowded city, as well as the cars that come with it.  

But many, like the May family who travel 30 miles to go rock climbing, are excited to have something else to do in town.

"There's lots of generic condo buildings, with a dry cleaners, nail parlor," says Michelle May. "This actually has some mixed use. It would be nice to have something for everybody." 

The initial plans call for 240 market rate apartments, 30 affordable housing rentals, and 30 work/live units. Developers say the project will actually take cars off the streets, by giving residents a reason to stay in town and walk to dining and entertainment.

If the proposal is approved next week, developers plan to start construction immediately.

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