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NJ TRANSIT BOARD APPROVES SALE AND LEASE OF PROPERTY TO CITY OF PATERSON
Properties near train station slated for redevelopment
August 12, 2009
NEWARK, NJ — Action taken today by the NJ TRANSIT Board of Directors will help advance the City of Paterson’s vision for redevelopment near the train station, as the Board approved the sale and long-term lease of properties on Railroad Avenue to the City.
“As a lifelong Paterson resident, I am very pleased to see the city and NJ TRANSIT work cooperatively on a plan that will help this section of the city flourish in a way that promotes the use of convenient and environmentally friendly public transportation,” said U.S. Rep. Bill Pascrell.
“Today’s Board action supports Paterson’s efforts to revitalize the City and move forward with its vision for development of the area around the train station,” said Transportation Commissioner and NJ TRANSIT Board Chairman Stephen Dilts. “With recent legislation designating the Great Falls Historic District as the newest addition to the National Park System, the sale and lease of these properties mark another positive step forward for Paterson and Passaic County.”
The Board approved the sale of approximately 2.3 acres of vacant land on Railroad Avenue—adjacent to NJ TRANSIT’s Main Line—as well as a 50-year lease of an adjoining acre next to Paterson Station. Located in an area zoned for redevelopment, together the properties make up about four city blocks along the Main Line between Ward and Twentieth streets.
“The City’s vision for the area around Paterson Station is a good example of transit-oriented development,” said NJ TRANSIT Executive Director Richard Sarles. “The benefits of the Board’s decision enable NJ TRANSIT to bring in additional revenue to support its services while allowing Paterson to move forward with its plans to improve the area around the train station for both residents and commuters.”
“We are excited by the rebirth that Paterson is experiencing, with new residential and commercial development taking hold throughout the city and the Great Falls Historic District becoming a State Park,” said Paterson Mayor Jose “Joey” Torres. “Acquiring these properties from NJ TRANSIT will allow us to take advantage of one of our great assets—the train station—and will enhance the progress that is already underway in our City.”
The sale includes the bridge structure over Grand Street that connects the sale and lease properties. The lease property, consisting of a wide elevated embankment along the Main Line, includes the Express Building—a 15,600-square-foot concrete structure built into the embankment that contains 10 large storage bays.
The City’s plans envision future residential development on the sale property together with commercial development on the lease property, including a Community Hospitality Center with a NJ TRANSIT passenger waiting area.
The sale of the property will provide NJ TRANSIT with $1.3 million in revenue. In addition, under the terms of the 50-year lease, NJ TRANSIT will share equally in any net revenue resulting from the City’s sublease of the property for retail development.
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NJ TRANSIT is the nation's largest statewide public transportation system providing more than 895,000 weekday trips on 240 bus routes, three light rail lines and 12 commuter rail lines. It is the third largest transit system in the country with 165 rail stations, 60 light rail stations and more than 18,000 bus stops linking major points in New Jersey, New York and Philadelphia.