As federal and state officials today announced $400,000 in federal funding to study an expansion of the Hudson-Bergen Light Rail, a New Jersey real estate executive said the potential for development around new train stations is limitless.
"What we've seen over the last four or five years is that there has been a true gravitation to high-quality multifamily and mixed-use construction in close proximity to light rail stations — which is beyond what we hoped would happen, as developers, when light rail construction began many years ago," said Carl Goldberg, managing partner of Roseland Property Co. "The Department of Transportation's continued effort to expand our light rail is going to be strongly positive for development, regardless of where the expansion is happening."
The funding, announced this afternoon by U.S. Sens. Frank Lautenberg (D-Cliffside Park) and Robert Menendez (D-Hoboken), alongside other officials, would study whether to build another light rail station in Jersey City.
Goldberg said proximity to a Jersey City light rail stop has been a "critical element" in generating leasing activity at the multifamily Monaco Towers project. The Hudson-Bergen line, he said, has spawned new retail properties that are flourishing because they're "not only servicing people living in the area, but also the people who are on the ride home from work, exiting the light rail."
In a statement, Menendez said the economic development that has spurred near train stations along the Hudson-Bergen line is "just the tip of the iceberg ... so it's absolutely vital we don't stop there."
Menendez said in a statement exploring the possibility of a new station will "create another billion-dollar development opportunity to create jobs, more housing, more commercial opportunities and, ultimately, a more vibrant local economy.”