NEWARK, N.J. — ROI reports that New Jersey TRANSIT’s Executive Director Kevin Corbett said the state is looking into ways to sell air and development rights above and adjacent to rail stations in New Jersey.
The idea would be a way for NJ TRANSIT to monetize prime real estate in every municipality where it has a train station. Speaking at a Chamber of Commerce event late last week, Corbett said the process is just beginning, but noted the massive Secaucus Junction station as a place where the process could make sense.
Corbett said it is a natural outgrowth of the growth of economic development around train stations in the past decade — a growth fueled by transit oriented development projects. For the full story, click here.