the staff of the Ridgewood blog
Ridgewood NJ, As part of an ongoing commitment to promote sustainable economic growth, NJ TRANSIT has announced that developers are now being sought to design and build Transit Oriented Development (TOD) projects on NJ TRANSIT properties located in Jersey City and Woodbridge.
Additionally, construction of more than 500 new apartments and townhomes at a TOD initiative in Somerville, announced in July 2019, is about to begin and a TOD project in Matawan is also advancing.
“In line with our 10-Year Strategic Plan (NJT2030) goal to promote a more sustainable future, we must plan for regional growth and development in an environmentally responsible way,” said NJ TRANSIT President & CEO Kevin Corbett. “That’s why we’re committed to promoting Transit Oriented Development, which connects NJ TRANSIT service to local real estate development to create convenient, compact, livable neighborhoods and reduces our carbon footprint.”
“Through Transit Oriented Development, we are achieving the fullest potential for NJ TRANSIT real estate and delivering the best value for the local taxpayer as well as for the commuting public,” said NJ TRANSIT Chief Financial Officer William Viqueira. “Situating mixed use development near transit hubs helps reduce roadway traffic, improves safety, promotes a healthier, walkable lifestyle and cuts down on greenhouse emissions. We’re very excited about the projects already underway and look forward to more over the next few years.”
“I am very pleased with what our team has been able to achieve over the past nine months. These are critical steps toward delivering on our long-term commitment to monetize NJ TRANSIT’s real estate assets and promote sustainable economic growth,” said NJ TRANSIT Chief of Real Estate, Economic and Transit Oriented Development, Carmen Taveras. “We are encouraged by the momentum we have been able to build despite the economic challenges posed by COVID-19.”