NJ Transit officials believe they could realize as much as $1.9 billion in non-farebox revenue over the next three decades by leveraging opportunities designed to unlock value from its 8,000-acre real estate portfolio, according to a new plan the agency released today.
Additionally, the plan could add up to $14 billion in economic impact to New Jersey, up to an additional $1.6 billion in municipal revenues, and create up to 50,000 jobs and up to 20,000 new housing units.
From Transit-Oriented Development to retail concessions to industrial hubs and advertising, the plan offers a unique opportunity to generate essential funding by leveraging its underutilized assets for development, as well as enhancing its customer experience with retail offerings and advertising. The plan presents a series of potential opportunities and suggested actions for consideration to maximize the associated potential revenue.
NJ Transit President and CEO Kris Kolluri, joined by local and state officials and other stakeholders, unveiled The LAND Plan: Leveraging Assets for Non-farebox Dollars, during an event at Metropark Station.
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