NJ Transit announces plan to develop housing, jobs & revenue using owned land
The new Hackensack Meridian Health headquarters at Metropark Station in Woodbridge is one example of the development strategy that NJ Transit hopes to continue.
The New Jersey Transit budget increases every year, and the agency has proposed a way to keep those costs off the backs of commuters.
The new Hackensack Meridian Health headquarters at Metropark Station in Woodbridge is one example of the development strategy that NJ Transit hopes to continue. The agency has 8,000 acres of owned land that it wants to make available to developers or short-term users to generate revenue without raising customer fares.
“The cash that's going to come out of it is going to help the finances of the state,” said NJ Transit president and CEO Kris Kolluri. “How do you say no to that kind of a plan?”
Fare increases of 15% last year - and this summer, another 3% - have funded the bill of the rising budget.
Development along NJ Transit-owned land could generate up to $2 billion in NJ Transit revenue and $10-$14 billion for the state.
NJ Transit already has major “Transit-Oriented Development” in Hoboken, Orange and at Metropark, but it’s not all going to be high rises.
“Can we use some of these to put some renewable energy projects on it, or can we reclaim some wetlands that we need for projects anyway?” suggested Kolluri.
Kolluri said this is not a mandate to bypass the wishes of the Legislature, a local mayor or an incoming governor, but he doesn’t see why either gubernatorial candidate would say no.
“If affordability is important, if housing is important, well, we just gave you an example of how you can make that happen,” Kolluri said.
