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10/13/2003



Rail News: Rail Industry Trends

NJ Transit leases property for smart-growth initiatives


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New Jersey Transit recently approved two long-term lease agreements with the township of Montclair to redevelop property adjacent to the Montclair-Boonton Line’s Bay Street Station.

NJ Transit officials plan to use the property to expand commuter parking and begin a transit-oriented development program for the agency’s new MidTOWN DIRECT Montclair service. The program is designed to attract new residents, generate additional tax revenue for the community and spur redevelopment, according to a prepared statement.

Under one lease agreement, Montclair will sublease property to Lincoln Montclair Urban Renewal L.L.C. to build an apartment building, residential parking spaces and a daycare. The other agreement will prompt construction of a 225-space commuter-rail parking deck. NJ Transit plans to contribute $2.5 million toward the lot’s construction.


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