New York Times: Transit Villages Come to Life
NINE years after it was officially created, the state’s Transit Village program has been extended to 19 communities eligible for grants and aid to revitalize the deteriorated neighborhoods around train and bus stations.
In a number of those communities — notably Hoboken, Jersey City, New Brunswick and Cranford — the program has generated tangible success, with thriving shopping areas and new condominiums and rental apartments enlivening once empty streets.
In other towns, change is clearly in the works. In Montclair, for instance, new housing and retailing is in place beside the downtown train station, and a large mixed-use building is under construction. In a few communities, like Bloomfield and Hamilton, progress has mostly been stalled by local land-use debates.
In addition, a new aspect to the state’s push to encourage transit-related development — a tax-break program for commercial tenants of new buildings near transit centers in larger cities, signed by Gov. Jon S. Corzine last month — is attracting significant interest, and in the case of Newark, a solid proposal.
The Urban Transit Hub Tax Credit offers companies an income tax credit up to the full amount of their rent for the first 10 years of occupancy in buildings constructed within a mile of transit stations in Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson and Trenton.
If I’m reading that right: that means office space in a Transit Village is effectively rent-free for ten years for those companies that get the tax credit. That’s an eye-popping deal for anyone who wants to do business in Newark right on the NJ Transit rail and Route 280.