The New Jersey Assembly on Thursday approved, by a 74-2 vote, a bill directing New Jersey Transit to establish an office of transit-oriented development.
This sends the legislation to Gov. Phil Murphy to sign into law.
Assembly Bill 3654 requires an annual inventory of all real estate owned by NJ Transit, along with an analysis of each parcel's development potential, recommendations for development and projections of non-fare revenues from those recommendations.
The Senate approved the bill in April.
New Jersey Future Executive Director Peter Kasabach hailed the bill Friday as a first step toward maximizing economic opportunities that properties near train stations offer to residents and employers. New Jersey Future is a nonprofit organization that supports investments in transportation infrastructure.
"New Jersey Future identified this as an important policy priority for the incoming Murphy administration, and we are pleased to see it move forward so quickly," Kasabach said in a statement Friday.