Employment, Residential Booming Near Transit

Very cool news out of New Jersey. The state created a tax credit program for businesses that located and built near transit and its been stimulating the market. From the New York Times:

The state’s new Urban Transit Hub tax-credit program, which took effect in January for sites near mass-transit stations, is already stimulating the market, real estate specialists say, even though it applies in only nine cities.

Mr. Pozycki said the tax credit program is a crucial reason why SJP decided to move forward with its third corporate center building in Hoboken, which had sat on the drawing boards for nearly four years. (During that time, SJP shifted its focus to the hot Manhattan office market, and has begun construction of 11 Times Square, a glass-and-steel tower at Eighth Avenue and 42nd Street.)

It's great because its predicated on locating near transit so even if these offices move out of Manhattan, people can still get to work on transit, and it opens up less invested areas for dense employment development.

On the opposite side of the country, Salt Lake City is seeing more building permits for dense housing near transit. From the Salt Lake City Tribune:

Industry insiders say surging gasoline prices, a sagging economy and energy-policy uncertainty due to the presidential chase have combined to create the latest condo spurt. And it's no coincidence the new league of lofts are located near TRAX light-rail lines.
...
TRAX spine gets lofty: Open-plan lofts and energy-efficient condos are sprouting along the TRAX spine on the fringe of downtown. There is the funky Angelina's Corner on the curve of 700 South and 200 West and ultra-green Rowhaus just north of the baseball park on West Temple, and there are hundreds of units planned at Market Station, a walkable development slated for the warehouse district in South Salt Lake.