The remains of the building at 1st and Jackson Streets in Hoboken may have a new future… as a public park.

On Oct. 21, the Hoboken City Council authorized an agreement with the owners of the property at 1st Street and Jackson Street to demolish a "derelict building" that was damaged by fire in 2012 and replace it with a public park. Under the agreement, Hoboken will obtain a 20-year easement on two lots located across the street from the property. In return, the city will pay to remediate the lot and build a park on the property, a percentage of which will be reimbursable if the owner disrupts the easement at any point in time before the end of the 20-year term.

After 20 years, control of the property will return to the owner, city officials stated in a release. If the property owner does not demolish the remaining structure by April of 2016, the city will have the authority to go onto the property and demolish the structure, according to the agreement.

Upon full execution and recording of the easement agreement, city officials plan to schedule a community meeting to solicit ideas for planning the park, a release stated. See the full settlement agreement online here.

LAWSUITS AND A FIRE

The building was the former location of Nardine's Restaurant, as well as Casella's Restaurant, the legendary Hudson County mob headquarters in the 1970s and 1980s.

When the building burned down in 2012, city officials reported that it had a checkered inspection history and was a "known fire hazard." See related article: Burned Down Hoboken Building Had History of Violations; Known Fire Hazard The Oct. 21 agreement follows years of litigation with the property owner, Esmat Zaklama, who has owned the building since 1990.