Shearman And Sterling

Event September 18, 2019

Transit Oriented Development: New Opportunities for Infrastructure Investors & Real Estate Developers

  • New York

Partner Paul Epstein (New York-Project Finance & Development) recently moderated a panel titled “Transit Oriented Development: New Opportunities for Infrastructure Investors & Real Estate Developers.” The panel, which took place at our New York office on September 18, was presented by INFIN.

About 100 people attended the event, representing infrastructure investors, real estate developers, contractors, lenders, rating agencies, advisors and governmental agencies.

Paul introduced the concept of transit-oriented development (TOD) and explored its history.  He then led a discussion with panelists on the challenges of implementing TOD projects, where infrastructure and real estate risks intersect, through the prism of two successful New York TOD projects, Hudson Yards and Moynihan Train Hall, and one project in procurement, Amtrak’s 30th Street Station Master Developer Partnership. The discussion focused on, among other things, ways to achieve buy-in from all key stakeholders at the planning stage and leveraging available financing options such as tax increment financing and governmental funding sources including through the Railroad Rehabilitation and Improvement Financing (RRIF) program. The session also included a keynote address from the Chief Financial Officer of New Jersey Transit, who announced the market-sounding process for the NJ Transitgrid, a first-of-its-kind microgrid project that is contemplated to be a source of resilient power supply to key portions of the New Jersey Transit corridor in the northern part of the state.