Progressive Railroading
TRENDING





RAIL EMPLOYMENT

Newsletter Sign Up
Stay updated on news, articles and information for the rail industry


All fields are required.





Rail News Home Passenger Rail

10/23/2000



Rail News: Passenger Rail

New Jersey targets another transit village


New Jersey Transit’s board of directors Oct. 18 awarded a long-term ground lease to Roseland Property Co., Short Hills, N.J., in a joint venture with Woodmont Properties LLC, Parsippany, N.J., to develop a Transit Village near Morristown Station.

"Clustering mixed-use developments on existing rail infrastructure sites is an important tool in an overall effort to reduce suburban sprawl and increase New Jersey’s quality of life," said NJ Transit Executive Director Jeffrey Warsh in a prepared statement. "It’s gratifying to see Morristown grab Gov. Christie Whitman’s Transit Village concept and become a model for the rest of the state and nation."

The mixed-use development would comprise 226 residential rental units, 8,000 square feet of retail space and a parking structure with 780 parking spaces — 400 of which would be slated for commuter use — on three acres of NJ Transit property that currently provides 300 commuter parking spaces.

"Morristown is a place where Mayberry meets Manhattan thanks in large part to the efforts of NJ transit, such as NJ Transit’s Midtown Direct service," said Mayor John DeLaney Jr.

The 49-year lease, with renewable options, would provide NJ Transit $230,000 minimum annual rent, in addition to rent from retail properties and parking revenue. The lease is slated to be executed within 120 days; construction would begin in 2001.

Other New Jersey cities with Transit Villages in various stages of development include Rutherford, South Orange, South Amboy and Pleasantville.


Contact Progressive Railroading editorial staff.

More News from 10/23/2000