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This is a particular fascination of mine. I think this happens more often than we might realize, but in an opportunistic way on the part of random different organs of government.

For example, in California, a 2018 reform has allowed the Bay Area Rapid Transit System (regional commuter rail) to begin developing the acres of surface parking it has around it's stations into mixed use development with the idea being that they would retain an equity stake in the development. For complicated California reasons, this hasn't born fruit yet, but the legal/regulatory path is clear.

Another example is the Boston Planning & Development Agency which has an independent revenue source via its real estate portfolio (never-minding the dark history of how it acquired said portfolio).

One last one is the Battery Park City Authority in New York. Apparently BP was created through land reclamation and for historical reasons I'm not familiar with the city decided to lease the land instead of sell it. Last I checked, the leases generate ~$180 million annually for NYC's general fund.

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