New York lands $537M TIFIA loan for train hall redevelopment
The Moynihan Train Hall will benefit the entire North East Corridor service area, as two-thirds of all NEC rail trips currently pass through Penn Station.
Rendering of Farley Post Office redevelopment. Photos via Gov. Cuomo's office.
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Rendering of Farley Post Office redevelopment. Photos via Gov. Cuomo's office.
The U.S. Department of Transportation’s (U.S. DOT) Build America Bureau will provide a $537.1 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the New York State Urban Development Corporation D/B/A Empire State Development (ESD) for the construction of the Moynihan Train Hall Redevelopment Project, according to an announcement.
The project will deliver critical improvements and expansions that will ease congestion and delays and facilitate future passenger demand. The Train Hall will benefit the entire North East Corridor (NEC) service area, as two-thirds of all NEC rail trips currently pass through Penn Station.
The project is expected to relieve congestion at New York City’s Penn Station, which is the busiest passenger transportation facility in the U.S. with 650,000 passengers per weekday.
Located in the James A. Farley Post Office Building, the project will be the new home of Amtrak and will serve as the arrival and departures hall for all Amtrak passengers in New York City. It will also provide ticketing and other facilities for Metropolitan Transportation Authority’s (MTA) Long Island Rail Road service (LIRR).
Construction has commenced and is expected to conclude in December 2020. The TIFIA loan for the approximately $1.85 billion project will provide critical financing to this public-private partnership, in which ESD, the Port Authority of New York and New Jersey, MTA, Amtrak, and private developers will provide the remainder of the approximately $1.3 billion in funding.
The U.S. DOT applies the appropriate statutory criteria and evaluates projects individually on their merits to advance and renew America's infrastructure. The Moynihan Train Hall presents a well-supported application for loan assistance that will relieve congestion at a significant location.
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