NJ TRANSIT HOSTS FIRST REAL ESTATE INDUSTRY DAY

LAND Plan Industry Day Draws More Than 300 Commercial Real Estate, Government, Finance and Other Professionals to Learn About Upcoming Transit-Oriented Development and Leasing Opportunities.

NEWARK, NJ – More than 300 commercial real estate, finance and government professionals turned out to learn about NJ TRANSIT’s upcoming transit-oriented development (TOD) projects along with opportunities for leasing and retail at the agency’s first Industry Day.

Participants at Tuesday’s event held at the Gateway Center in Newark, networked with NJ TRANSIT leadership and staff directly charged with implementing these initiatives and learned about upcoming offerings for prospective projects in Union City, Jersey City, Bayonne, Pennsauken, Princeton Junction and elsewhere. NJ TRANSIT also solicited informal market input for potential offerings in development.

“I am excited to see NJ TRANSIT bringing partners together for this open house. Transit-oriented development is one of the most effective tools we have to tackle our housing shortage, reduce congestion and air pollution, and lower costs for families,” said Governor Mikie Sherrill. “Our state is committed to working alongside NJ TRANSIT, developers, and local communities to cut red tape and deliver housing people need near the transit they rely on every day. This is how we strengthen communities and build a more affordable future.”

“We are pleased to work alongside public and private partners to shape development that prioritizes convenience, accessibility, and the needs of our customers,” said NJ TRANSIT President & CEO Kris Kolluri. “By generating meaningful non-farebox revenue and, ultimately, reducing the reliance on state subsidies, the LAND Plan allows us to reinvest in our system while helping to develop better-connected communities for the people who depend on NJ TRANSIT every day.”

“Our diverse real estate portfolio uniquely positions NJ TRANSIT to both benefit New Jersey residents and businesses and raise non-farebox revenue for the agency,” said NJ TRANSIT Senior Vice President, Real Estate Development and Planning Gagandeep Singh. “Today’s turnout demonstrates the demand and interest for these real estate products, especially during a time of high housing demand.”

The event comes six months after the agency launched The LAND Plan: Leveraging Assets for Non-farebox Dollars, a roadmap to raise as much as $1.9 billion in non-farebox revenue for NJ TRANSIT, up to $14 billion in economic activity for the State of New Jersey, and up to $1.6 billion in municipal revenues over the next 30 years by leveraging portions of its 8,000-acre real estate portfolio. The plan highlights how NJ TRANSIT, working with the Legislature, state agencies and local host communities, can activate underutilized assets to deliver housing, jobs and recurring non-fare revenue, while improving customer experience and reliability.

To learn more about NJ TRANSIT’s TOD program, click here.

About NJ TRANSIT

NJ TRANSIT is the nation's largest statewide public transportation system providing more than 925,000 weekday trips on 264 bus routes, three light rail lines, 12 commuter rail lines and through Access Link paratransit service. It is the third largest transit system in the country with 165 rail stations, 62 light rail stations and more than 19,000 bus stops linking major points in New Jersey, New York and Philadelphia.