Rail

ARRA, MBTA to fund Wonderland station garage

Posted on December 8, 2009

On Monday, Gov. Deval Patrick, Congressman Ed Markey and Mayor Tom Ambrosino announced plans to construct the Wonderland parking garage project in Revere, Mass. A mix of American Recovery and Reinvestment Act (ARRA) and MBTA bond revenue financing will fund the project.

 

The funding plan gives the green light to the planned nine-story, 1,900 space South Garage Parking Facility at Wonderland station that is ready to begin construction in 2010 and will support Waterfront Square, a critical smart growth and transit-oriented development project.

 

The garage is a cornerstone project that will improve access to the MBTA and support the Waterfront Square development, one of the premiere transit oriented developments planned and promoted by the Commonwealth under the leadership of Gov.r Patrick, Congressman Markey, Speaker DeLeo, legislators and the city of Revere. It is a planned mixed-use community of 902 residential units, 145,500 square feet of office space, a 100-room hotel and 28,000 square feet of retail space. An estimated 700 permanent jobs will be created as a result of the Waterfront Square project, and the parking garage stands to create 500 construction jobs.

 

Last week, the Massachusetts Department of Transportation Board authorized the award of $22.7 million in federal ARRA grant funding and $11.3 million in MBTA bond revenue financing toward the project. This additional funding supplements federal earmarks and other state funding allocated for the Wonderland Transit Oriented Development project, which the board authorized in 2008.

 

The total garage construction budget is $47 million. In addition to the ARRA funding and MBTA bond revenue, the project’s financing plan calls for capital support through $3 million in remaining federal Surface Transportation earmarks and $10 million from a state MORE grant awarded to the city of Revere.

 

Financial analyses undertaken indicate that parking revenues derived from the new garage will exceed the cost of the MBTA's borrowing of the $11.3 million and, in fact, will generate additional net revenues.

View comments or post a comment on this story. (0 Comments)

More News

Metra to seek proposals for new railcars, engines

The exact number will depend on the responses to the RFP, the amount of funding available, and whether Metra can use financing alternatives, such as leasing, to maximize its funding.

Siemens diesel-electric locomotives to begin operation on Calif. train

The Charger clean diesel-electric locomotives are the first high-speed passenger locomotives to receive Tier IV emissions certification from the FRA.

Alstom delivers last of 22 Venezuelan metropolis trainsets

The Alstom-led consortium “Grupo de Empresas,” together with Colas Rail and Thales, subcontracted by Consorcio Linea 2, is responsible for the project, including engineering, integration, and commissioning of the electromechanical works on a turnkey basis.

Stun gun incident causes stampede after NJ Transit train gets stuck in tunnel

This latest incident happened three weeks after the derailment of an Amtrak train at Penn Station and a week after a NJ Transit derailment shut down eight of 21 tracks there and disrupted travel in the region for days.

Holt to lead railroad systems engineering at WSP | PB

He will be responsible for leadership, direction and management of engineering services for railroad and rail transit projects and will support the firm's related business initiatives across the country.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close