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Rail News: Rail Industry Trends

Developer to help finance NJ Transit's parking deck

The New Jersey Transit board recently approved an amended agreement for the Morristown Station transit-oriented development (TOD) project under which a developer will fund the majority of parking deck costs.

NJ Transit will sell property to Rosewood Lafayette Commons L.L.C., which will contribute $7 million toward the 780-space deck and manage construction beginning in early summer. NJ Transit will provide the remaining $1.85 million for the deck, which will designate 415 spaces for commuters. After construction is complete, NJ Transit will own and operate the commuter-designated spaces.

The TOD project also includes 218 residential units and 8,000 square feet of retail space on property currently owned by NJ Transit. The agency will receive 6 percent of gross proceeds from the future sale or refinancing of the residential and retail components.

The agency's board also approved awarding a $2.3 million contract to DMR Construction Services to rehabilitate the roof over the main building, shelter house and platform at Morristown Station.

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More News from 3/6/2006