Shovels finally hit the dirt at 1300 Jefferson Street in Hoboken, where Lincoln Property Company and Pegasus Partners broke ground on an 18-story luxury multifamily tower that will bring 357 residences and 24,000 square feet of retail to a formerly industrial stretch of the city's Western Edge. The milestone marks a major step in 14 years of entitlement work led by Pegasus Partners, transforming what was once an industrial pocket of northwest Hoboken into what the developers describe as a modern mixed-use and residential neighborhood.
The project, first detailed by ROI-NJ, sits roughly 1.5 miles from Midtown Manhattan and was designed by New York-based Fogarty Finger Architects. According to Pegasus Partners, the building will include 36 studios, 129 one-bedrooms, 167 two-bedrooms, and 25 three-bedrooms, along with 304 parking spaces and 164 secure bike storage spots. Lincoln joined the project as co-general partner and development manager in 2024, bringing what the firm describes as a national development platform, institutional relationships, and execution expertise to a deal Pegasus had spent well over a decade shepherding through entitlements.
Mark Luis Villamar, co-founder of Pegasus Partners, said the groundbreaking moved the long-envisioned plan for northwest Hoboken into actual construction, adding that Lincoln's partnership will enable a development serving the community for generations. Jared Toothman, executive vice president and market leader at Lincoln, said 1300 Jefferson exemplifies Lincoln's local partnership model in high barrier-to-entry markets, and that Hoboken and the broader New York metro area need quality housing.
A Settlement Born of a Fight Over Palisades Views
Getting to this point required resolving years of litigation between Pegasus Partners, the City of Hoboken, and neighboring Union City over building heights that officials feared would block views of the Palisades cliffs, according to The Real Deal. A 2024 settlement resolved some litigation and granted increased residential density in exchange for a 30-year Payment in Lieu of Taxes agreement. Union City continued to oppose the development and planned legal action after the settlement. As part of that same deal, Pegasus agreed to a $3 million community benefit payment earmarked for a public recreation center and community pool in the Western Edge.
The settlement also reshaped housing obligations tied to the project. Under Hoboken municipal code, residential developments exceeding 10 units that secure density increases must set aside at least 10 percent of units as affordable housing, a mandate that lines up with 1300 Jefferson's 37 total affordable units negotiated through Fair Share Housing Center settlements. Of those, 20 will be built on-site, while the remaining 17 will take shape as off-site veterans housing constructed adjacent to American Legion Post 107 at 308 Second Street, per Jersey Digs.
Financing and a Front-Row Seat to a Flood-Resilience Park
Lincoln Property Company and Pegasus Partners secured an equity commitment from Pacific Life and a construction loan from Truist to fund the build, with JLL advising on the debt and equity placement. The tower will directly front Hoboken's 5-acre ResilienCity Park, formerly known as Northwest Resiliency Park, which includes underground pumps and storage tanks for stormwater management, according to Rebuild by Design.
Just the First Piece of a Much Bigger Portfolio
1300 Jefferson is only Phase 1 of a larger joint venture between Lincoln and Pegasus known as the Gold Coast Multifamily Portfolio, which is planned to span five sites and roughly 3,600 units across 1.5 miles of Hoboken and Jersey City, per Lincoln. Lincoln uses a repeatable co-general-partner model with local developers, and the firm has said it plans thousands of additional apartments along New Jersey's Gold Coast in the coming years.
Nearby, the neighboring block at 1330 Jefferson Street was originally planned as a long-term stay hotel before being re-entitled following the 2024 settlement; the Hoboken City Council approved a 22-story, 298-unit residential building there in September 2025, Jersey Digs reported. Pegasus is separately advancing a Skidmore, Owings & Merrill-designed redevelopment at nearby 1200 Madison Street, expanded under the same settlement into three 21-story towers totaling 1,301 residential units and 135 affordable units, according to New York YIMBY.
The groundbreaking arrives amid residential development in Hoboken, including the 298-unit project approved at 1330 Jefferson Street. Lincoln Property Company is described as a global full-service real estate firm, while Pegasus Partners is a Hoboken-based real estate owner-operator that provided the local market knowledge and entitlement leadership behind the project's long path to construction.
