NJ Transit has announced its first Chief of Real Estate, Economic Development and Transit Oriented Development as part of the continuing effort to increase non-farebox revenue and monetize assets throughout the state.

Carmen Taveras, formerly with Wereldhave USA, a subsidiary of a European-based public real estate investment trust (REIT) Wereldhave, has joined the agency in the newly created role.

The position was created in response to NJ Senate bill S2333 signed by Governor Murphy on November 1, 2018 requiring NJ Transit to establish an office of real estate, economic development and transit-oriented development. The office will assess and develop recommendations for transit-oriented development opportunities for parcels of property in which NJ Transit holds an interest in, with the goal of increasing the agency’s non-farebox revenue.

Taveras has more than 20 years of diverse real estate experience managing real estate portfolios and land development across U.S. market sectors and asset class.

During her career at Wereldhave, her notable transactions included the sale of 20 Exchange Place, a 56-story office tower in New York City’s Financial District and the development of 120-acres of raw land in San Antonio, Texas. There, she worked closely with the local community, government authorities and Department of Transportation to achieve a master plan for a 1.8 million-square-foot sustainable, mixed-use project costing approximately $500 million.