NJ Transit has tapped a former real estate investment trust executive as its first-ever head of real estate and development, seeking to spur new revenue streams and revitalize the many underused parcels around its train stations.
Messaging from Trenton over the last several months, “airing dirty laundry” and delayed payments and responses to companies involved in the state’s incentive programs are scaring away legitimate businesses from setting roots in New Jersey. Businesses need certainty and clarity. Why don’t we pivot the conversation to one about how to make robust investments in our people and infrastructure without any further distractions and political roadblocks?
A development team has concluded its first round of fundraising for two projects under the federal Opportunity Zone program, with plans to break ground next year on a combined 168 apartments near the Orange train station.
Somerset Development has completed its long-awaited acquisition of 31 acres in downtown Somerville, paving the way for a project that includes more than 500 residential units and other uses adjacent to the borough’s train station.
Legislation was enacted last November that requires NJ Transit to establish an office of real estate economic development and transit-oriented development to assess all its properties and annually recommend how best to increase NJT’s non-fare revenues. The goal is to enable NJT to have more funds to invest in its operations, maintenance and capital projects in order to improve performance for bus, rail and light rail passengers.
Gov. Phil Murphy has signed into law a bill that requires NJ Transit to establish an office of transit-oriented development and conduct an annual inventory of its real estate holdings, potentially paving the way for new opportunities across the state.
Gov. Phil Murphy has announced a long-awaited plan for a flood barrier at the southern end of Hoboken, although its location could threaten or dramatically alter a proposal to redevelop the rail yards alongside the city’s busy train terminal.
A newly built shopping center in Elizabeth is fully leased after recent deals with a liquor store and a beauty supply operator, in a set of deals by Jacobs Enterprises and Pierson Commercial.
State officials could soon make a decision on key flood protection measures in Hoboken — one that could make or break a long-awaited, 2.3 million-square-foot redevelopment of the rail yards at the southern edge of the city.
State lawmakers have approved a bill that would create an office of transit-oriented development within NJ Transit and require an annual inventory of the agency’s real estate holdings.