An agreement that would provide Citi Bike with a substantial capital investment—greatly expanding its geographic reach and number of bikes—is in final stages of negotiations, according to the Wall Street Journal.
"Citi Bike and its operator stand to get tens of millions of dollars to expand New York's popular bicycle-sharing program in a deal that could close within a week," reports Andrew Tangel.
"REQX Ventures, an affiliate of real-estate giant Related Cos., is close to hammering out an agreement that could enlarge the footprint of Citi Bike to upper Manhattan, into Queens and further into Brooklyn over the next few years, these people said. The number of bikes would nearly double, from 6,200 to about 12,000."
Tangel also states that the additional infrastructure would make it easier for U.S. Alta, which runs Citi Bike, to raise the price of annual memberships to the bike share program. Membership could rise to $140, speculates Tangel.
FULL STORY: Citi Bike Poised for a Big Infusion of Cash
Launch of Chicago Bike Share Delayed Again; Are Citi Bike's Problems to Blame?
It turns out New York isn't the only large city struggling to get its heralded bike-share system off the ground. Chicago's rush to launch Divvy has hit a snag, delaying the program's launch by two weeks.
Delayed NYC Bike-Share Gets New Launch Date
After weeks of speculation after its supposed July launch date came and went, this morning Mayor Michael Bloomberg announced that New York's much anticipated bike-share program will be seen on city streets beginning next March.
Citi Bike’s New Prices Take Effect
The system plans to expand to 40,000 bikes and 2,000 stations.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
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