New Jersey Transit | State of New Jersey Awards Ground Lease Agreement Contract to Dor Woodbridge (November 2023)
New Jersey Transit | State of New JerseyState · Trenton, NJ- Approved
- Nov 8, 2023
- Term
- 99 years and two (2) 25-year extensions
The 30-second brief
NJ TRANSIT approves Ground Lease Agreement with DOR Woodbridge, LLC for Metropark Transit-Oriented Development Project. Lease term is 99 years and two (2) 25-year extensions. Up Front Payments: $3M, Base Rent: $600,000/yr @ stabilization, 2% annual increases + resets, Percentage Rent: 4.5% of gross revenue, Capital Event Participation: 4.5% of Net Benefit, Parking Lease/Revenue: 500 spaces for commercial tenant, 25 years + renewal options; $300,000 annually, with increases; rent reset in year 25 & TDM requirements, Construction: requires NJT approval of site plans, phasing, station access and related project plans.
Dor Woodbridge holds this ground lease agreement contract with New Jersey Transit | State of New Jersey. Its other public contracts on record include work for NJ Transit and Department of Transportation.
Term as filed: 99 years and two (2) 25-year extensions.
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Contract details
- Contract type
- Ground Lease Agreement
- Document date
- November 8, 2023
- Term
- 99 years and two (2) 25-year extensions
- Vendor
- Dor Woodbridge
- Source document
- nj-transit-board-minutes-bus-ev-van-purchases-metropark-tod-nov-8-2023_063.pdf (Minutes)
Dor Woodbridge's other public contracts
More New Jersey Transit | State of New Jersey contracts
Questions about this contract
Who was awarded the ground lease agreement contract by New Jersey Transit | State of New Jersey?
Dor Woodbridge was awarded this ground lease agreement contract by New Jersey Transit | State of New Jersey, as recorded on November 8, 2023.
What type of contract is this?
This is a Ground Lease Agreement contract, documented as a minutes record.
Where was this contract approved?
This contract appears in nj-transit-board-minutes-bus-ev-van-purchases-metropark-tod-nov-8-2023_063.pdf (Minutes), dated November 8, 2023 from New Jersey Transit | State of New Jersey. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
What other contracts does Dor Woodbridge hold?
Dor Woodbridge may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
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