$14-Mil Office Building Will Rise on Historic Theater Site

But by the early 50's the theater was obsolete, and in the nature of the times, it was razed, only to become a parking lot of 50 years standing. But developers Rob Ranieri and Louis Picardo, local products who operate under the name of 79 Hudson St. Group, want to change that. They've gotten the necessary approvals to develop a 70,000-sf, $14-million office complex called the Offices at the Lyric. Design of the building will incorporate architectural features of the old theater, based on old photos supplied by the Hoboken Historic Preservation Commission.

Parking is a huge problem in Hoboken, and redeveloping a parking lot isn't without controversy, but "the project was granted variances by the city," according to Ranieri. "It will rise above the five stories allowed by zoning, and it will fill the entire site without providing onsite parking."

The building will actually rise a total of six stories, giving it floorplates of approximately 10,000 sf. M.J.S. Architects of Dover, NJ is designing the space to accommodate small and mid-sized tenants. The building will have state-of-the-art technology-related enhancements, according to Ranieri.

The new building is in Downtown Hoboken, just across the Hudson River from Manhattan. Transportation amenities include adjacency to NY Waterway ferry, PATH train and bus service. Asking rents per sf will be $38.50 plus tenant electricity, according to Dudley Ryan, senior vice president in CB Richard Ellis' Paramus, NJ office, which has the marketing exclusive.

"The project represents responsible development with architectural and historical significance," says Ryan. "It also will provide a home on the Gold Coast for smaller tenants. It will fill a market niche in the land of corporate giants and high-rise towers."