HOBOKEN – Developers of a new 520,000 square-foot waterfront office and retail development that publishing company Pearson Education will occupy as its new corporate headquarters held its groundbreaking ceremony today.

After a quick photo op at the site of the future 14-story Waterfront Corporate Center III, at 221 River St., dignitaries headed next door to the W hotel for a luncheon to celebrate the start of the project.

The publishing company, which has pre-leased five stories of the 14-story building, is expected to relocate 900 jobs 900 employees to Hoboken from Upper Saddle River and Old Tappan in 2014, officials said.

“Hoboken has the location and characteristics that are ideal for our business,” Will Ethridge, CEO of Pearson North America. “We think the combination of a great building and great location will provide the kind of vibrant and stimulating center that our employees demand.”

In addition to easy access to New York City and local shops and restaurants, Pearson employees will benefit from the Pier A and Pier C parks, built as part of $80 million infrastructure improvements to the Hoboken waterfront by the Port Authority of New York and New Jersey.

Pearson Education publishes textbooks and produces a range of other educational materials for students and teachers.

As part of the development, SJP is constructing a 200-space underground garage and 25,000 feet of retail space.

“I am confident that Pearson's employees will quickly come to appreciate all of the wonderful amenities Hoboken has to offer,” Mayor Dawn Zimmer said. “This project is an excellent example of moving our city forward.”

The new building is being developed by SJP Properties in partnership with USAA Real Estate Company, and is the third of three buildings constructed as a 1.5-million-square-foot office and retail complex. The first phase opened in 2002.

New Jersey Economic Development Authority President and Chief Operating Officer Tim Lizura said Pearson will receive a state Urban Transit Hub Tax Credit of up to $66 million over 10 years for retaining at least 700 jobs in northern New Jersey as long as the company keeps at almost 1,700 people employed statewide in each of the 10 years, officials said in February.

The SLP Properties is currently marketing 275,000 square feet of office space in the building from the seventh to 14th floors. The development is expected to yield more than 600 construction jobs.