- $1.77 MILLION ANNUALLY IN NEW REAL ESTATE, HOTEL AND PARKING TAXES TO THE CITY OF HOBOKEN AND THE HOBOKEN SCHOOL DISTRICT
- RENOVATION OF HOBOKEN’S LANDMARK POST OFFICE; IMPROVING OPERATIONAL EFFICIENCIES
- NEW, BEAUTIFULLY LANDSCAPED AND LIGHTED PEDESTRIAN ACCESS TO HOBOKEN’S WATERFRONT
- ARCHITECTURALLY AND AESTHETICALLY CONSISTENT CONTINUATION OF HOBOKEN’S SOUTH WATERFRONT BUILDING SCAPE
- REDESIGNED TRAFFIC PATTERNS ON NEWARK STREET AND FIRST STREET ALLOWS FOR IMPROVED TRAFFIC FLOW
- ADDITIONAL ON-STREET PARKING SPOTS CREATED
- $3.365 million dedicated to community projects and First Ward improvements to address the impact of the hotel on infrastructure, the community and community services.
- Creation of jobs that pay for a living wage during construction and thereafter from hotel operations
Economic Benefits within Hudson & Essex Counties
(Econsult Solutions, Inc. economic impact report dated Oct 2016)
| Hotel Guest Spending | $ 14.8 million |
| Jobs Supported by Hotel Guest Spending | 114 |
| Expenditures Generated by Ongoing Hotel Operations | $ 23.8 million |
| Jobs supported by Ongoing Hotel Operations | 166 |
| Total Expenditures Generated by Hotel Construction | $ 174.4 million |
| Hotel Construction Jobs | 555 |
Estimated Hoboken Taxes
(2016 rates, based on land + construction costs & anticipated occupancy)
| City Real Estate Tax @ .48 | $ 540,000 |
| City Schools Tax @ .37 | $ 415,000 |
| City Hotel Tax @ 3% | $ 751,000 |
| City Parking Tax | $ 68,000 |
| $ 1,770,000 |