How Gateway Tunnel Project Affects NJ Real Estate Prices
Q: How will the gateway tunnel project affect NJ real estate prices? Carl, New Brunswick, NJ.
A: The Gateway tunnel project is the planned expansion and renovation of the Northeast Corridor (NEC) rail line between Newark, NJ and New York City. The existing two-track rail line used by both Amtrak (AMTK) and New Jersey Transit (NJT) has reached full capacity. When completed, the Gateway tunnel project improvements would double train capacity, from 24 trains per hour to 48 and would allow for additional high-speed rail service.
The Gateway Project is essential because all infrastructure has a useful life which means that a failure or collapse is imminent-it’s just a matter of time. Damage done to the existing tunnels by 2012’s Hurricane Sandy has made their replacement even more urgent. If a failure or collapse occurs before the new tunnel lines are completed, local NJ rail line housing markets will be hurt while Long Island, Westchester & Rockland Counties in New York State will benefit if ferry and automobile become the more preferred mode of transportation into NYC. If The Gateway tunnel project is finished before a failure/collapse, the project will further boost the desirability and prices of NJ homes on or near the rail line.
Thanks for your question, Carl. For more real estate information and tips visit my blog at geraldlucas.com.