New York’s MTA Swaps Land for Development
“New York’s Metropolitan Transportation Authority recently agreed to transfer 3.28 acres of land that holds two parking lots at a Westchester County train station to apartment developer AvalonBay Communities Inc. AVB +0.54%
Under terms of the deal, AvalonBay will build a four-story mixed-use complex that includes 143 apartments and 27,000 square feet of retail space on the land, which is adjacent to the Harrison, N.Y. Metro-North train station. Metro-North is a commuter line that takes passengers from the pricey New York and Connecticut suburbs north of Manhattan to Grand Central Terminal.
In an unusual twist, MTA won’t get any money for the land. Instead, AvalonBay has proposed building a new parking garage next to the apartment buildings that will include 569 parking spaces and reserve at least 475 spaces for commuters, an 85% increase over the 257 parking spaces currently available on the site.”
Hudgins, Matt. The Wall Street Journal 30 September 2014.
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