The Murphy administration is proposing a plan for the state Economic Development Authority to purchase $100 million of NJ Transit’s valuable property around rail — parking lots or awkward, under-used parcels — and generate development, more ridership and revenue for NJ Transit.
The idea, according to an announcement from Economic Development Authority CEO Tim Sullivan and NJ Transit President and CEO Kevin Corbett, is to foster transit-oriented development and smart growth, develop under-utilized properties , create a tax base for municipalities, and contribute to the fiscal stability of NJ Transit, Sullivan said during a briefing with reporters.
Sullivan said the EDA would enter into a real estate transaction, use the proceeds to purchase properties at fair market value from NJ Transit, then seek development partners for those sites.
Have more mobility news that we should be reading and sharing? Let us know! Reach out to Sage Kashner (kashner@ctaa.org).
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