Statement on Passage of Bill Establishing TOD Office at NJ Transit
Contact: Missy Rebovich (mrebovich
njfuture
org) , Director of Government and Public Affairs, 609-393-0008 ext. 118
NJ Transit Office of Transit-Oriented Development Will Unlock Economic Potential Near Train Stations
TRENTON, June 22 — New Jersey Future applauds the June 21 passage of S2333/A3654, requiring the establishment of an office of transit-oriented development within NJ Transit.
“This is a critical first step toward maximizing the economic opportunities that properties near our transit system offer, for both residents and employers,” said New Jersey Future Executive Director Peter Kasabach. “New Jersey Future identified this as an important policy priority for the incoming Murphy administration, and we are pleased to see it move forward so quickly.”
The bill requires an annual inventory of all real estate owned by NJ Transit, along with an analysis of each parcel’s development potential, recommendations for development, and projections of “non-fare” revenues from those recommendations.
“The real property owned by NJ Transit is a significant asset, and current market conditions make this exactly the right time to capitalize on it,” continued Kasabach. “These properties are perfectly poised to meet the growing demand for transit-rich, walkable, mixed-use communities with easy access to jobs, and to offer enhanced economic opportunity to all residents of New Jersey.”
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Founded in 1987, New Jersey Future is a nonprofit, nonpartisan organization that promotes sensible growth, redevelopment and infrastructure investments to foster vibrant cities and towns, protect natural lands and waterways, enhance transportation choices, provide access to safe, affordable and aging-friendly neighborhoods and fuel a strong economy. The organization does this through original research, innovative policy development, coalition-building, advocacy, and hands-on technical assistance. New Jersey Future serves as the backbone staff for the Jersey Water Works collaborative.
