NJ TRANSIT approves retail leases at Hoboken, Princeton Junction
Written by jrood
February 14, 2001 The NJ TRANSIT Board of Directors approved the lease of retail spaces at two of the state's busiest train stations-a food court at Hoboken Terminal and a coffee stand at Princeton Junction Station-as part of the corporation's effort to maximize the value of its facilities while offering additional amenities to customers.
"These lease agreements
are examples of smart business decisions that leverage our existing resources
to generate commercial revenue, while providing a convenient amenity for
customers," said Transportation Commissioner and NJ TRANSIT Board Chairman
James Simpson.
"The new retail spaces
will be welcome additions to customers of these busy stations," said NJ TRANSIT
Executive Director James Weinstein. "As we look for ways to maximize the
value of our property, we are also focused on improving the overall customer
experience for our riders."
The Board authorized a
10-year lease with Gateway Foods, LLC for operation of the 3,800-square-foot
Food Court at Hoboken Terminal. In addition, Gateway Foods will invest $1.2
million in capital improvements to the leased premises. The lease will provide
for a new food court concession-featuring Subway, Sbarro’s, Cinnabon, Carvel
and Einstein Bros. Bagels-plus a satellite snack bar to serve Hoboken Terminal
customers, together with the operation of the Railhead Bar.
Hoboken Terminal provides
travelers multiple transit options including commuter rail, light rail, PATH
and bus service. More than 50,000 people use the terminal on a typical weekday.
The Board also authorized
a five-year lease with Faber Coe & Gregg of Florida, Inc., for
approximately 1,575 square feet of retail space at Princeton Junction Station
for the operation of a coffee/retail concession. In addition, the tenant will
make $350,000 in upgrades and ADA accessibility improvements to the retail
space.
Princeton Junction
Station serves approximately 7,500 customers on an average weekday.
