Innovative Finance and Asset Concession Grant Implementation Services

The vendor is required to provide innovative finance and asset concession grant implementation services to capitalize on existing and future opportunities to generate alternative revenue streams for the transit agency through the creation of a strategic plan and building staff capacity.
- Real estate asset management initiative will incorporate the following:
•    Assessment of the existing real estate assets for enhanced value creation. 
•    Evaluation of prospective real estate assets for potential enhanced value creation. 
•    Development of a framework for comprehensive asset management policy that leverages existing and future real estate assets (i.e., transit-oriented development). 
•    Creation and implementation of a new staff position to administer the asset management program.
- Existing real estate assets
•    Operates a diverse portfolio of public transportation-related real estate assets, including transit centers, park-and-ride facilities, rail stations, operations and maintenance facilities, and air rights. 
•    To support the agency’s financial sustainability, optimize land use, and align real estate strategies with transportation expansion plans and economic development objectives, agency requires a comprehensive assessment of its existing assets to identify opportunities for enhanced value creation, operational efficiency, and strategic transit-oriented development.
•    Real estate portfolio, which could be further enhanced with cooperative agreement funds, comprises seven existing assets. 
•    These include the Elizabeth duff transit center, the primary downtown transit hub, and six commuter rail stations spanning from county. 
•    These stations are situated along a 32-mile stretch of the agency star commuter rail line.
•    These strategies include improved utilization, redevelopment, public-private partnerships (p3), and transit-oriented development (TOD).
a. Provide comprehensive services that encompass, but are not limited to:
•    Conducting a comprehensive inventory of all agency-owned properties, encompassing land, buildings, and easements. 
•    Reviewing and validating existing data on ownership, encumbrances, current use, zoning regulations, leases, and operational roles. 
•    Mapping and categorizing assets based on their functions, conditions, utilization, and strategic potential. 
•    Analyzing local and regional land use, housing, and real estate market trends to determine the value of assets. 
•    Identifying applicable zoning regulations, public policies, and TOD supportive plans. 
•    Classifying underutilized or non-mission-critical properties with potential for repositioning, monetization, or partnership development. 
•    Evaluating potential value-enhancement opportunities, including ground leases or air right development, redevelopment for TOD, innovative infrastructure opportunities, and site profiles with value-enhancement scenarios for top-priority assets. 
•    Scoring properties based on their potential to generate value in the near-term and long-term. 
•    Recommending a comprehensive set of strategic actions, encompassing disposition, development, or hold strategies, public-private partnership models, policy or procedural reforms, and other relevant measures. 
•    These actions should be aligned with the agency’s goals of generating revenue, increasing ridership, fostering community development, and stimulating economic growth.
•    Developing marketing materials or prospectuses for key assets. 
•    Providing draft policy recommendations for asset management procedures.
•    Creating a draft and final strategic recommendation report.
- Prospective real estate assets
•    Analyzing choose how you move and identifying transit projects with the highest potential to catalyze real estate development. 
•    Performing opportunity mapping to identify high-potential sites for both near-term and long-term development. 
•    Developing a comprehensive strategic framework that outlines the potential for development at a specific site, including the necessary infrastructure and market viability (i.e., housing, retail, or mixed-use). 
•    Proposing appropriate development models, including collaborative agreements, ground leases, and public private partnerships. 
•    Integrating real estate strategy with existing agency capital planning and economic development objectives. 
•    Developing a phased implementation strategy that includes timelines and site-specific development roadmaps for each phase. 
•    Coordinating this strategy with internal stakeholders, metro departments, housing agencies, economic development authorities, and engaging with private sector developers and community stakeholders. 
•    Preparing the necessary tools and materials to support the implementation. 
•    Authoring a draft and final report with policy recommendations.
- Real estate policy framework to support transit-oriented development
•    Vision, objective, and guiding principles for transit-oriented development. 
•    Criteria for selecting and prioritizing sites. 
•    A standardized process for evaluating development proposals. 
•    Alignment with joint development guidelines and other federal and state regulations. 
•    Roles and responsibilities across internal stakeholders. 
•    Templates for TOD RFP language, evaluation guidelines, and ground lease models. 
•    Implementation roadmap that includes internal training and capacity building recommendations, integration with asset management and capital planning processes, and tracking for outcomes and performance.
•    Communication material for internal and public use.
•    Draft of final TOD policy framework document
- Asset development administrator
•    Benchmark similar roles at peer transit agencies or public sector organizations. 
•    Identify the essential tools, data systems, and cross-departmental support needed for success in the new role. 
•    Outline the short-term and long-term priorities for the role, along with a roadmap for the first 12–24 months. 
•    Suggest strategies for coordinating with internal departments (such as planning, capital programs, operations, and legal) and external stakeholders (including municipalities, state and federal agencies, developers, and community stakeholders). 
•    Assess the scalability of the asset management program, including the potential for establishing a dedicated real estate asset development unit or team. 
•    Create roadmap to outline the implementation process. 
•    Develop final report outlining the implementation strategy for the newly created position.

- Contract Period/Term: 2 years
- Pre-Proposal Meeting (Non-Mandatory) Date: August 13, 2025
- Questions/Inquires Deadline: August 18, 2025