NJ Transit Becomes Real Estate Developer

From the Jersey Journal:

65-acre redevelopment planned by NJ Transit

Residents are fighting to stave off development in the Mile Square City - but the biggest expansion in the city's history could be coming and local officials may be powerless to stop it.

NJ Transit recently began studying the Hoboken Terminal and the 65 acres that straddle Hoboken and Jersey City in anticipation of upgrading facilities and installing transit-oriented development.

s a government agency, NJ Transit is exempt from city zoning laws, meaning the agency is free to build as it pleases - a nightmare scenario for residents already overwhelmed by high-rise towers.

So far, NJ Transit and local officials appear to be working together to come up with a blueprint.
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The 65 acres abutting the Hudson River consists of a train terminal, active storage yard, maintenance facility, train watch facility, electrical substation, train shed, bus lanes, light rail station, PATH station, ferry terminal and parking facility.

Last year, NJ Transit hired LCOR, a real estate development company based in Philadelphia, to conduct a "concept plan" to determine what, if any, operations can be consolidated or moved.

"We want to maximize economic return on this property," Zullo said. "The revenues could be put back directly into this facility and improving transfers between modes. We think, for both Jersey City and Hoboken, there are real economic benefits."
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"If they are talking about building 500 and 1,000 units, that is something we should all take a long hard look at," he said. "It's a delicate balancing act. On the one hand, we've been invited to participate in the process and we are going to do that with the redevelopment plan process. We will let NJ Transit and LCOR know what we have in mind."