NJ Transit Eyes Multi-Million Dollar Real Estate Sales to Boost Revenue and Spur Development

the staff of the Ridgewood blog

Ridgewood NJ, NJ Transit is preparing to transform parking lots and underused land into revenue-generating developments — with the potential to reshape communities across New Jersey.

NJ Transit owns more than 8,000 acres of valuable real estate across the state, and agency officials are now assessing which properties should be sold, leased, or redeveloped. The initiative, led by President and CEO Kris Kolluri, aims to identify the “highest and best use” for NJ Transit-owned land while balancing future rail and bus expansion needs.

“Not every property can be monetized,” Kolluri explained. “But where it makes sense, we need to transition from park-and-ride lots to live-and-ride communities that bring long-term value.”

Properties Under Consideration

So far, one sale has been approved — a $14.4 million parking lot in Lyndhurst — while seven other properties are being considered for sale to the New Jersey Economic Development Authority (EDA). These include:

• Linden (Union County): 2.07-acre parking lot near Linden Station

• Old Bridge (Middlesex County): 5.7-acre lot along Route 9

• Hamilton (Mercer County): 14-acre parking lot near train and bus hubs

• Cherry Hill (Camden County): 3.3-acre lot near Atlantic City Rail Line

• Edison (Middlesex County): Two parcels totaling 4.1 acres

• Long Branch (Monmouth County): 4.85 acres near train station

• Matawan (Monmouth County): 6.65 acres near Aberdeen-Matawan Station

From Parking Lots to Transit-Oriented Development

The long-term vision is transit-oriented development (TOD) — mixed-use buildings with housing, retail, and offices located directly next to transit hubs. Supporters argue this shift would boost ridership, generate steady revenue, and encourage smart growth.

Other transit agencies across the U.S. have followed similar paths. In San Jose, for example, parking lots were converted into thousands of housing units and retail spaces. Experts say New Jersey could see similar benefits if municipalities support rezoning and redevelopment plans.

What’s Next for NJ Transit Land Sales?

The systemwide real estate assessment is expected to be released in October, creating a roadmap for future governors and lawmakers. Some sales are already moving forward to help NJ Transit meet its budget target of $50 million in property revenue this year.

Still, challenges remain. Many communities have pushed back against high-density development, particularly amid affordable housing mandates. Kolluri emphasized the need for collaboration:

“Value isn’t just monetary — it’s community-centric. The key is finding consensus with local leaders and residents,” he said.

Why It Matters

This initiative could reshape neighborhoods near NJ Transit hubs while helping the agency stabilize finances without raising fares. If successful, it would mark a major shift away from surface parking lots toward vibrant, transit-connected communities.

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