With the announcement, it's full speed ahead for SJPs'Waterfront project. Groundbreaking is now officially scheduled fornext month for the property, which will comprise two 13-storytowers of 550,000 sf each. The deal came down with considerableinvolvement by city officials in the negotiations and planning.

"This will be the centerpiece of the redevelopment on this sideof the river," says SJP Properties' president/CEO Steven J.Pozycki. Adds Wiley president/CEO William J. Pesce, "by relocatingto this site in Hoboken, we feel that we can create a superioroffice environment on attractive financial terms." The company hasapplied for a grant from the NJ Economic Development Authoritywhich, if approved as expected, could be worth more than $7 millionover the next 10 years.

Besides the 1.1 million sf of office space, Waterfront CorporateCenter will include 50,000-sf of ground floor retail space, afull-service hotel and a residential component. Altogether, thisand neighboring commercial projects, will add up to as much as 2.3million sf of commercial space along three new city blocks adjacentto the historic Hoboken Terminal, which provides ferry service toManhattan. The site's transportation package also includes NJTransit trains and buses, PATH train service and theunder-construction Hudson-Bergen Light Rail system.

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