NJ’s NRIA Illustrates How Public-Private Partnerships Can Revitalize Cash-Strapped Cities

The luxury real estate developer is behind much-needed public parking in West New York, NJ

SECAUCUS, NJ / ACCESSWIRE / February 4, 2022 / National Realty Investment Advisors (NRIA), a leading developer of luxury real estate on the East Coast, is pleased to announce that it is a part of a public-private partnership with the town of West New York, New Jersey.

The New Jersey-based NRIA collaborated with West New York on a parking garage for one of its residential real estate developments, two-14 story sister towers named The Grand and The Metro. NRIA has ensured West New York that over half of one of the project's parking spaces will be for public use, creating hundreds of public parking spaces in a community that is desperate for them.

Public-private partnerships like this, known as P3s, have become increasingly popular in recent years as urban communities look to private companies to help them improve infrastructure and revitalize urban cores, creating rewards for both the towns and the private investors.

Because West New York, which is just a quick ferry ride away from New York City, is the second-most densely populated municipality in the whole of the United States, parking woes have been on the radar of public officials for decades.

By collaborating with the town, NRIA is able to build a parking garage for future renters while still giving over 250 of the garage's 495 parking spaces to the city. This partnership, while obviously mutually beneficial, also creates a sense of goodwill towards both NRIA and the town in a community on the verge of an economic renaissance.

Across the country, P3s allow cities that are cash-strapped amidst the pandemic to improve assets while transferring certain risks and responsibilities to the private sector.

Evidence shows that these projects make financial sense for many reasons. A 2016study by Syracuse University showed a significantly higher likelihood of meeting cost and schedule objectives under P3 models compared with traditional public sector project development.

Back in New Jersey, at a2021 groundbreaking for The Grand, one-half of NRIA's two-tower residential rental community, the planned parking garage was at the forefront of the excitement.

"On the campaign trail two years ago, the number one issue was lack of parking in this municipality," said West New York Mayor Gabriel Rodriguez at the event. "...We are delighted with what is happening here. This is a perfect example of a public-private partnership working for the betterment of the people who live here."

At the groundbreaking, both West New York and NRIA leadership stated that they believe the public and private partnership behind The Grand and The Metro development and parking garage will be one of the most important economic multipliers of the West New York area, bringing jobs to the city, making the community more accessible, and sparking a town-wide revitalization.

About NRIA

With a history of over a decade of delivering the highest quality in construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the leading real estate developers in the nation.

For more information about NRIA, visit www.nria.net.

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SOURCE: NRIA