NJ Transit advances development of Red Bank TOD project

The New Jersey Transit board has authorized a master development agreement and ground lease with developer Denholtz to transform six acres of NJ Transit property at the Red Bank station into a mixed-use transit-oriented development (TOD) complex.

To be situated along the North Jersey Coast Line, the complex will feature rental homes, retail and parking. The development is part of NJ Transit's plan to raise $1.9 billion in non-fare revenue for the agency, $14 billion for the state and $1.6 billion in municipal revenue over the next 30 years by leveraging its real estate portfolio.

The project is split into a North Phase and South Phase. The North Phase, which will be completed first, will feature a residential building with about 175 rental homes, 15,750 square feet of retail space and structured and surface parking, with dedicated priority parking for NJ Transit commuters, NJ Transit officials said in a press release. The South Phase plans are not yet completed.

"Transit-oriented development is a critical component of NJ Transit’s strategy outlined in our Leveraging Assets for Non-farebox Dollars – not just because it brings in meaningful non-farebox revenue, but because of the contributions it makes to New Jersey’s residents and economies, transitioning from “Park & Ride” to “Live & Ride” communities," said NJ Transit President and CEO Kris Kolluri.

The Red Bank station is served by NJ Transit's North Jersey Coast commuter railroad.