U.S. Department of Transportation (USDOT) has reached three key milestones in the New York Penn Station Transformation project, keeping construction on track to break ground by the end of 2027.
In partnership with Amtrak, USDOT, key for the New York Penn Station Transformation project include:
The release of the solicitation for the transformation Project’s master developer, inviting interested parties to submit their Letters of Interest through Amtrak’s Procurement Portal.
The selection of Public-Private Partnership advisors to help structure the PPP project approach and agreements, and transform the station into a modern, world-class facility: Hunton Andrews Kurth is the Legal Advisor and KPMG is the Financial Advisor. In addition, AKRF was brought on board as the project’s environmental consultant.
The initiation of the project’s Service Optimisation Study to identify ways to accommodate passenger service growth at New York Penn Station and the surrounding region.
The advisors will help transform the busiest train station in the Western Hemisphere into a world-class transit hub, elevating the experience for Americans and visitors alike. They will also support in shaping a PPP strategy to attract private investment, streamline approvals, and evaluate innovative solutions. By identifying funding opportunities, maximising revenue potential, and proactively managing risks, the advisors will help ensure this critical infrastructure project stays on schedule, under budget.
“This will be one of the biggest and most significant construction projects in U.S. history, and we want the most skilled and knowledgeable partners to help make it a success. By working with the private sector, we will be working with advisors who focus on the project’s goals while minimising costs for taxpayers,” said Special Advisor to the Amtrak Board Andy Byford.
In Fiscal Year 2024, New York Penn Station welcomed more than 12 million passengers, which is nearly 18% of total Amtrak ridership and nearly 45% of Northeast Corridor ridership. It supports more than 1,000 daily train movements between Amtrak, NJ Transit, and Long Island Rail Road across 21 tracks.
In April, USDOT and Amtrak took control of the Penn Station overhaul from the New York Metropolitan Transportation Authority (MTA) and as part of the announcement, USDOT withdrew USD 72 million in grant funding.
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