New Jersey Transit (NJ Transit) has hired Carmen Taveras as the first chief of real estate, economic development and transit-oriented development as part of the effort to increase non-farebox revenue and monetize assets throughout the state.
Taveras, formerly with Wereldhave USA, a subsidiary of a European-based public real estate investment trust (REIT) Wereldhave, joined NJ Transit effective Nov. 18.
The position was created in response to NJ Senate bill S2333 signed by New Jersey Gov. Phil Murphy Nov. 1, 2018 requiring NJ Transit to establish an office of real estate, economic development and transit-oriented development. The office will assess and develop recommendations for transit-oriented development opportunities for parcels of property in which NJ Transit holds an interest in, with the goal of increasing its non-farebox revenue.
“NJ Transit is proud to welcome Carmen Taveras as the agency’s first chief of real estate, economic development and transit-oriented development,” said NJ Transit President and CEO Kevin Corbett. “Carmen brings a wealth of experience to the job and will be a huge asset in our vision to more aggressively use [transit-oriented development] 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.”
Taveras has more than 20 years of diverse real estate experience managing real estate portfolios and land development across U.S. market sectors and asset class.
While at Wereldhave USA, her responsibilities included managing a large staff of direct and indirect personnel; developing and executing the operating and investment strategy for the U.S. portfolio; and leading acquisitions, ground-up construction and property valuations. Additionally, she chaired the Wereldhave USA Board of Directors for seven years.
During her career at Wereldhave, her notable transactions included the sale of 20 Exchange Place, a 56-story office tower in New York City’s Financial District and the development of 120-acres of raw land in San Antonio, Texas. There, she worked closely with the local community, government authorities and department of transportation to achieve a master plan for a 1.8 million-square-foot sustainable, mixed-use project costing approximately $500 million.
She holds a Bachelor of Science degree in Accounting and Finance/Business Administration from St. John’s University, New York.
