Skip to Content
Streetsblog New York City home
Streetsblog New York City home
Log In
Bicycling

The Citi Bike Deal Is Great News for Other Cities Too

Bay Area Bike Share, shown here in San Jose, is one of several systems that should be able to fulfill expansion plans quicker after REQX Ventures acquires a controlling stake in Alta Bicycle Share. Photo: Richard Masoner/Flickr

Andrew Tangel at the Wall Street Journal had an encouraging update this week on the Citi Bike buyout plan first reported by Dana Rubinstein in Capital New York. It looks like the city is days away from announcing a deal in which REQX Ventures, an affiliate of the Related Companies and its Equinox unit, will buy out Alta Bicycle Share, the company that operates Citi Bike. The implications are big -- not just for bike-share in New York, but for several other major American cities as well.

REQX would acquire a majority stake in Alta Bicycle Share, bringing new management and a much deeper reservoir of financial resources to the company. Vexing problems with Citi Bike's operations, software, and bike supply chain are expected to be addressed, though it's not clear yet where the next round of bikes will come from.

For New York, the terms of the deal mean the price of Citi Bike annual memberships will rise from $95 to the $140 range, while the service area will expand substantially. A source familiar with the situation said the plan is to get new stations operating by next spring. The larger service area could reach as far north as 145th Street, according to the source, while extending into western Queens as well as a ring of Brooklyn neighborhoods around the current boundaries.

One aspect of the news that hasn't been getting much notice is that several other bike-share systems will also be affected. As Payton Chung noted last week, Alta-operated systems in Chicago, DC, Boston, and San Francisco have all been hamstrung by bike supply problems the company had been unable to solve. The buyout should break the logjam holding back expansion plans in those cities and allow system launches in Baltimore, Portland, and Vancouver to progress.

The last two years have been simultaneously thrilling and frustrating for American bike-share, with rapid adoption in major cities accompanied by performance glitches and long waits for system expansions. The outlook for 2015 seems a lot sunnier.

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

DOT Asks Judge to Dismiss Streetsblog’s Lawsuit over Agency’s Public Info Stall

The DOT is arguing that its slow response time before providing or not providing information is "reasonable."

November 12, 2024

Tuesday’s Headline: Six-Figure Ad Buy Edition

Congestion pricing supporters call Gov. Hochul out with a six-figure ad buy. Plus more news.

November 12, 2024

DOT: Tremont Ave. Busway to Be Installed in Spring

The 0.6-mile busway will only allow trucks and buses to use the entire stretch, while car drivers will need to leave the street at the first available turn.

November 11, 2024

Monday’s Headlines: Hochul’s No Political Veteran Edition

Yes, it's Veteran's Day, but we really wanted to give you a daily headlines roundup because of all the news that broke over the weekend.

November 11, 2024

PUMP THE BRAKES: A Veteran Driving Instructor Laments Rising Dangers on The Road

I’ve seen firsthand over 25 years as a driving instructor and DMV License Examiner that an increasing number of drivers no longer deserve that privilege.

November 11, 2024
See all posts