New Jersey Transit announced on Monday it has named Carmen Taveras its first chief of real estate, economic development and transit oriented development.
The position, NJ Transit said, was created in response to N.J. Senate bill S2333 signed by Gov. Phil Murphy on Nov. 1, 2018, requiring the transportation system to establish an office of real estate, economic development and transit-oriented development. The office is tasked with making recommendations on development opportunities on parcels of land where NJ Transit holds an interest in with the goal of increasing its non-farebox revenue.
Taveras will be tasked with continuing the company’s efforts of increasing the non-farebox revenue and monetized assets throughout the state. Taveras, who has more than 20 years of experience in real estate, previously served at Wereldhave USA, a subisidary of a European-based public real estate investment trust.
“NJ Transit is proud to welcome Carmen Taveras as the agency’s first chief of real estate, economic development and transit-oriented development,” Kevin Corbett, CEO and president, NJ Transit, said. “Carmen brings a wealth of experience to the job and will be a huge asset in our vision to more aggressively use TOD to develop under-utilized properties around transit, optimize the value of assets across the state, and generate additional non-farebox revenue, which will ultimately benefit our customers.”