NEW JERSEY (KYW Newsradio) — Like most transit agencies, New Jersey Transit needs cash. Officials there are exploring their options, including selling or leasing some of their extensive real estate holdings.
New Jersey Transit owns more than 8000 acres, mostly in prime locations near train stations.
CEO Kris Kolluri said they are now studying the best ways to generate some income from this real estate portfolio.
“You have to look at sort of the overall budget for New Jersey Transit and determine if there are non-fare revenue options that you can consistently bring in so you can lower the impact on our fare payers,” he said.
Kolluri noted they don’t intend to just sell everything off for a one-time cash out. They want to increase housing at or near train stations.
“The goal is to make sure the transit system sees ridership growth, the community sees a tax benefit, and the riders see an overall community benefit by having their homes next to the train station,” he explained.
This study is just getting started, and Kolluri is expecting a full report with recommendations sometime in October.