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11/11/2004
Rail News: Rail Industry Trends
NJ Transit moves forward with Hamilton Station parking deck
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Yesterday, New Jersey Transit’s board authorized a multi-year lease agreement with a Nexus Properties Inc. affiliate to construct a 2,000-space parking deck adjacent to Hamilton Station.
Under the agreement, Hamilton Station Park & Ride L.L.C. will build the deck on 2.5 acres of NJ Transit property. The company also will manage, operate and maintain the deck for 37 years. NJ Transit will receive 60 percent of net profits during the first 24 years and 75 percent of net profits during the remaining 13 years.
One of the busiest stations on the Northeast Corridor line, Hamilton Station is the center of the community’s planned transit-oriented development project. Earlier this year, Hamilton officials adopted a redevelopment plan that included building shops, and office and housing space near the station. NJ Transit currently is working with city officials to select a developer for the project.
Under the agreement, Hamilton Station Park & Ride L.L.C. will build the deck on 2.5 acres of NJ Transit property. The company also will manage, operate and maintain the deck for 37 years. NJ Transit will receive 60 percent of net profits during the first 24 years and 75 percent of net profits during the remaining 13 years.
One of the busiest stations on the Northeast Corridor line, Hamilton Station is the center of the community’s planned transit-oriented development project. Earlier this year, Hamilton officials adopted a redevelopment plan that included building shops, and office and housing space near the station. NJ Transit currently is working with city officials to select a developer for the project.
