June 14, 2024
3 minute of reading
TRENTON, NJ (June 14, 2024) – The Murphy Administration today unveiled a legislative proposal that would direct the New Jersey Economic Development Authority (NJEDA) to purchase up to $100 million in properties from NJ TRANSIT to help grow suburban centers across the state and meet a variety of critical needs. Under the proposal, NJEDA would purchase a number of NJ TRANSIT properties, such as surface parking lots, and transform them into transit-oriented mixed-use developments that would spur economic activity and increase walkability to proximity to public transportation lines while also creating direct income. source for transit agency.
“Investing in transit-oriented development will revitalize suburban hubs, promote walkable neighborhoods and improve overall affordability for New Jersey’s working families, and potentially generate much-needed new affordable housing” said Governor Murphy. “Together with our partners in the Legislature, we can transform the communities around NJ TRANSIT rail stations, help stimulate economic activity across the state, and generate new revenue to support the operation of NJ TRANSIT, which was forced to deal with a change in attendance. trends following the pandemic.
Under the bill, which has already gained legislative support, NJEDA, in partnership with NJ TRANSIT, would identify a portfolio of properties to be purchased by NJEDA which would then market the properties as a portfolio on which developers could bid for purchase or rental. , either as a whole or individually. To facilitate the purchase, the state would allocate a portion of the proceeds from the first year of the proposed Corporate Transit Fee to fund NJEDA’s purchase of the properties.
“Providing NJ TRANSIT with a long-term funding source is critical to ensuring the agency can continue to provide safe and reliable transportation options to New Jersey residents and commuters” declared Senator Patrick Diegnan. “I appreciate that Governor Murphy, NJ TRANSIT and NJEDA are working together to find a solution that will not only improve the financial viability of NJ TRANSIT, but also support the revitalization of communities through transit-oriented development .
“It’s a win-win. NJ TRANSIT needs cash, these lots could be reused, and our state needs more affordable housing and transit-oriented development,” said Senator Raj Mukherji.
“Public transportation is vital to District 37, and thousands of our residents rely on it every day. It is important that we leave no stone unturned to ensure the health and stability of this agency in the future,” said MP Ellen Park.
“Mercer County is home to four NJ TRANSIT stations and the Trenton light rail. We understand the importance of quality public transportation to the economic success of our communities. Having NJEDA manage the development of these valuable properties in cooperation with our cities will ensure it is a win-win for taxpayers, commuters and smart planning,” said Mercer County Executive Dan Benson..
“Under Governor Murphy’s leadership, New Jersey’s communities are being transformed by significant transit-oriented development projects. » said Tim Sullivan, CEO of NJEDA. “Today’s proposed legislation would allow NJEDA to expand its efforts to revitalize neighborhoods and spur mixed-use real estate development. Transit-oriented real estate projects along NJ TRANSIT rail stops will foster neighborhood renaissance and improve quality of life by creating new job opportunities and modern housing options for families and commuters.
In addition to the upfront payment to NJ TRANSIT for the properties, the transit agency stands to reap many ancillary benefits from catalytic development near transit hubs, and potentially a recurring revenue stream if the properties are leased instead than purchased. which would improve its long-term financial viability.
“Governor Murphy’s plan to accelerate transit-oriented communities around NJ TRANSIT properties with immediate funding reinforces a forward-thinking approach to sustainability” said Kevin S. Corbett, President and CEO of NJ TRANSIT. “This funding will spur economic growth, increase walkability and provide continued financial support for NJ TRANSIT. »
About NJEDA
The New Jersey Economic Development Authority (NJEDA) is the state’s primary agency responsible for stimulating economic growth. NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong, vibrant communities, create good jobs for New Jersey residents, and lead the way to a stronger and fairer economy. Through partnerships with a broad range of stakeholders, NJEDA creates and implements initiatives to improve the state’s economic vitality and quality of life and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Service at 844-965-1125 or visit and follow @NewJerseyEDA on Facebook, Twitter, InstagramAnd LinkedIn.
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