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Report: New Jerseyans to Gain $18B in Property Value from New Transit Tunnel

Thursday, July 29, 2010 - 12:06 PM

(Andrea Bernstein, Transportation Nation).  A rash of studies (here and here, to list just two) in the last several years keep pointing to the same phenomenon:  homes are worth more near transit.

Now the Regional Plan Association, a New York-New Jersey planning group, has modeled the values of some 45,000 homes and found that New Jerseyans will gain $18 billion in value when the new Trans-Hudson tunnel is complete in 2018.

New Jersey is a transit-rich state, but it's also got the most roads per land mass of any state, and the current Hudson River transit crossings have hit capacity.  The new tunnel will vastly increase transit capacity, enabling huge numbers of New Jerseyans who now drive to take the train.

Plans call for the so-called ARC tunnel -- (short for Access to the Region's Core, very un-catchy) to emerge around Herald Square, near Macy's in Midtown Manhattan. It will be connected via pedestrian-tunnel to Penn Station, and passengers will emerge to a a new river-to-river Bus Rapid Transit line, a bus that will be physically separated from cars.  Under NYC DOT plans, only buses will travel river to river.

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