$1.9 BILLION Jackpot? NJ Transit Unlocks Massive Real Estate Plan to Build 20,000 New Homes & Fuel NJ’s Future!
the staff of the Ridgewood blopg
ISELIN, NJ | October 16, 2025 – NJ Transit is embarking on a massive, decade-long initiative to transform its vast, underutilized real estate portfolio into a substantial revenue stream, estimating a potential $1.9 billion in generated revenue. This ambitious new roadmap aims to leverage the agency’s 8,000 acres of property to develop transit-oriented communities, accelerate housing growth, and inject economic vitality into New Jersey’s downtowns.
NJ Transit President and CEO Kris Kolluri, speaking from the Metropark Station parking garage—with the massive new Hackensack Meridian Health headquarters rising in the background as proof of concept—declared the new focus on “non-fare dollars” as his “Day One objective.”
The $1.9 Billion Revenue Roadmap
For the past nine months, a specialized real estate team, led by part-time senior advisor Gagandeep Singh (formerly of American Express), has analyzed the agency’s assets. The $1.9 billion projection will be realized through a strategic mix of:
- Development Deals: Monetizing about 10% of under-used parcels for housing, commercial, and retail uses.
- Alternative Revenue: Generating income from temporary uses (events, filming), enhanced retail opportunities, parking, solar development, and wetlands banking.
Kolluri noted this is a roadmap for the current administration and beyond, demonstrating how to monetize non-revenue-generating assets for the benefit of the entire state.
The Housing Hyperdrive: 20,000 New Units by 2035
The most transformative aspect of the plan is the focus on transit-oriented development (TOD) to combat New Jersey’s housing crisis.
While NJ Transit currently facilitates the development of approximately 400 to 500 residential units per year on its land, the new plan seeks to accelerate this pace by 5 to 10 times. The ultimate goal is to enable the creation of 14,000 to 20,000 new housing units by 2035 on or adjacent to transit properties.
“The pace of this action is only limited by the ambition of the collaborators around us,” said Singh, emphasizing the need for streamlined processes and legislative support to achieve “hyperdrive” growth.
Benefits Beyond the Tracks
This strategy transcends NJ Transit’s bottom line, offering significant benefits to local municipalities:
- Economic Opportunity: NJ Transit analysis suggests the development could boost municipal revenues by up to $1.6 billion.
- Downtown Revitalization: Woodbridge Mayor John McCormac cited the Metropark development and the Woodbridge train station as proof that transit investment can turn a town “headed for ghost town” into a “thriving downtown.”
The agency has already demonstrated its commitment, authorizing the $14.4 million sale of a Lyndhurst parking lot to the state’s Economic Development Authority (EDA), which has $100 million dedicated to purchasing and developing NJ Transit properties.
Developers, like Gregory Dell’Aquila of JDA Group, LLC, welcomed the new clarity: “They’re putting together a comprehensive plan with timelines. That to me speaks business, that speaks seriousness… I am confident.”
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This is a recipe for a disaster, with plenty of grift thrown in.
NJT should stick to what it does a terrible job at, trains and buses.