NJEDA Aspire Tax Credits Awarded to Support Major Hotel Project in Hoboken

TRENTON, N.J. (November 17, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award under the Aspire Program to support the development of a new hotel in Hoboken, which will include up to 350 guest rooms. The hotel will be located along the waterfront, one block from the Hoboken Terminal, which offers access to public transportation options including NJ TRANSIT bus and rail service, Hudson-Bergen Light Rail, ferry service, and PATH.

“Under Governor Murphy’s leadership, the Aspire program has supported meaningful transit-oriented development projects throughout the state, helping grow communities and create jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “Adding a new major hotel to Hoboken’s iconic waterfront will attract tourism and spur economic activity in the area, building a stronger, more resilient city that will benefit Hoboken residents for decades to come.”

The developer, One SD Hoboken, plans to build a full-service Hilton Hotel on the site of the former parking lot of the Hoboken Post Office on Sinatra Drive. The proposed 20-story hotel will include ground-floor retail, a lobby-level restaurant and bar, meeting and event spaces, and a rooftop bar and terrace.

The project also includes the creation of a publicly accessible pocket park, as well as significant streetscape and sidewalk enhancements to improve pedestrian connectivity along Sinatra Drive. Guest parking will be accommodated via valet service utilizing an existing adjacent underground garage. This project will be designed and constructed to the U.S. Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) Silver standard, satisfying the Aspire program’s Green Building Standards. One SD Hoboken was awarded a tax credit award of 60 percent of the total project cost, not to exceed $63.4 million.

“Support from the Aspire Program and this meaningful investment in Hoboken will help ensure that the city continues to be a model for green, accessible, and transit-oriented economic development,” said State Senator Raj Mukherji (D-32). “The construction of a brand new hotel right on the Hoboken waterfront will help welcome tourists and other guests, spur business, and create more publicly accessible green space.”

“Today’s announcement represents a major step forward for Hoboken,” said Hoboken Mayor Ravi S. Bhalla. “The new hotel represents a win for our city, bringing new jobs, open space, and vital infrastructure improvements that will benefit residents and visitors alike. It’s a prime example of what we can accomplish when local and state partners work together toward a shared vision for smart, sustainable growth. Thank you to Governor Murphy and NJEDA Chief Executive Officer Tim Sullivan for their continued partnership and commitment to Hoboken’s future.” 

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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