It’s back: For the first time since Elvis and Priscilla Presley were newlyweds, the slips at Hoboken Ferry Terminal are open for service.
After an seven-year, $120 million restoration, courtesy of the state, Federal government and Port Authority, the 33,000-square-foot former Erie Lackawanna Ferry Terminal was fully reopened to the public on December 7. The slips had not been open since 1967, so major repairs were needed to the wood structures.
In addition, the historic terminal building (including its Tiffany glass ceiling) was restored, and a 230-foot tall clock tower similar to the original Lackawanna tower (dating from 1907) was built. It sure beats the tent-covered barge that served the slips that has been operating for more than 20 years.
The restoration allows NY Waterway, which operates several ferries at the southern end of the terminal, really to create a highway on the river, easing congestion on buses and PATH train. Published reports say NY Waterway is examining adding more service. The result should increase the appeal to potential tenants of office and multifamily projects nearby, and along the PATH, NJ Transit, and Hudson-Bergen Light Rail line, which has a direct connection to the terminal.
A CRE market already on fire should be positively blazing – courtesy of the water. It’s a delicious – and potentially profitable – irony.