CONSTRUCTION OF HAMILTON PARKING DECK MOVES A STEP CLOSER |
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NJ Transit
Source: PressReleasePoint.com
10 November 2004
NJ TRANSIT Board approves ground lease
NJT-04-062
NEWARK, NJ –– The NJ TRANSIT Board of Directors today authorized a multi-year lease agreement with Nexus Properties, Inc., of Lawrenceville to construct a 2,000-space commuter parking deck adjacent to Hamilton Station.
Under the agreement, Hamilton Station Park & Ride LLC – an affiliate of Nexus Properties, Inc., of Lawrenceville – will build the commuter deck on 2.5 acres of NJ TRANSIT property. The company will also manage, operate and maintain the deck for approximately 37 years, with NJ TRANSIT receiving 60 percent of net profits for the first 24 years and 75 percent of net profits up to its 37th year of operation.
"Construction of the parking deck at the station will make it easier and safer for commuters to take the train," said Hamilton Mayor Glen D. Gilmore. "It will also help us to promote 'smart growth' at the site by replacing acres of black-top with shops, office and housing space, to create a 'walk-able' village."
Hamilton Station is one of the busiest stations on the Northeast Corridor Line, and the demand for parking at the facility has grown each year since its 1999 opening. The development of this parking deck will increase commuter parking to meet existing demand and will make available a significant portion of the remaining surface lot for transit oriented development and future parking expansion.
Hamilton Station is the centerpiece for the municipality’s transit-oriented redevelopment project. Earlier this year, the community adopted a redevelopment plan that incorporated NJ TRANSIT property at the station, which promotes mixed-use development that follows smart growth principles. NJ TRANSIT is currently drafting a Response For Proposal with Hamilton to select a qualified developer for this project.