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[\/vc_column_text][vc_separator color=”custom” border_width=”10″ accent_color=”#336699″][vc_column_text]OPPORTUNITY\/CHALLENGES One of the key tools supporting SLUAP\u2019s mission is CoStar, a commercial real estate information platform that provides real-time property listings. Through this platform, the Urban Acquisition team identified a unique opportunity, an abandoned rail corridor at 224-228 and 227-231 Jefferson Street in the City of Elizabeth. The City of Elizabeth had long envisioned repurposing this site into a rails-to-trails project, converting the former rail line into a public greenway for pedestrians and cyclists. However, due to financial constraints, the City has been unable to acquire the property from its owner, CSX Transportation. With SLUAP\u2019s support, this vision is now within reach, as the partnership provides the means to secure the site and bring the project to life.<\/p>\n PARTNERS ACTION & NEXT STEPS Co-ownership & Environmental Remediation<\/strong><\/em> Property Management\u00a0\u00a0<\/strong><\/em> FUNDING\/RESOURCES RESULTS & BENEFITS
\n<\/strong>Launched in early 2024, the State Land Urban Acquisition Partnership (SLUAP) was created to support urban communities facing financial challenges in transforming underutilized properties into valuable public green spaces. Recognizing the critical need for recreational opportunities in urban areas, SLUAP aims to enhance community well-being, improve environmental quality, and contribute to more vibrant, livable cities.<\/p>\n
\n<\/strong>This initiative is made possible through collaboration among key stakeholders:<\/p>\n\n
\nProperty Acquisition & Rail Line Abandonment<\/em><\/strong>\u00a0
\n<\/strong>Prior to closing, CSX Transportation will apply to the U. S. Surface Transportation Board to formally abandon the rail line.<\/p>\n
\n<\/strong>Green Acres and the City of Elizabeth will jointly own the property, allowing the City to apply for NJDEP Hazardous Discharge Site Remediation funds that will support environmental assessments and necessary remediation to ensure safe redevelopment.<\/p>\n
\n<\/strong>Following cleanup, the city will oversee the development of the greenway, manage ongoing maintenance, and ensure long-term community access.<\/p>\n
\n<\/strong>A multi-source funding strategy will support the successful completion of the project:<\/p>\n\n
\n<\/strong>Although the project is still in development, it is expected to have a transformative impact on the community. Located adjacent to the Elizabeth City Train Station, the site will be repurposed into a rails-to-trails greenway, featuring a pedestrian and cycling path that enhances urban mobility and green space accessibility. By turning an abandoned rail corridor into a thriving public greenway, this initiative will provide a lasting environmental, social and economic benefit for Elizabeth and its residents for future generations.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”2928″ img_size=”large” alignment=”center” css=””][vc_single_image image=”2929″ img_size=”large” alignment=”center” css=””][vc_column_text css=”.vc_custom_1738861747064{border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;padding-top: 5px !important;padding-right: 10px !important;padding-bottom: 5px !important;padding-left: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #999999 !important;}”]<\/i> Get started on a similar project:<\/strong><\/p>\n