U.S. Department of Transportation (USDOT) Secretary Sean P. Duffy announced today that the department 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.

"We are tapping our partners in the private sector to make it happen on time and on budget," said Secretary Duffy.

In partnership with Amtrak, USDOT has reached three key milestones, including: 

1. 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. 

2. The selection of Public-Private Partnership (P3) advisors to help structure the P3 project approach and agreements, and transform the station into a modern, world-class facility: Hunton Andrews Kurth LLP serves as the Legal Advisor, and KPMG serves as the Financial Advisor. In addition, AKRF was brought on board as the project's environmental consultant.

3. The initiation of the Project's Service Optimization Study to study ways to accommodate passenger service growth at New York Penn Station and the surrounding region. 

According to a USDOT release, 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 P3 strategy to attract private investment, streamline approvals, and evaluate innovative solutions. By identifying funding opportunities, maximizing revenue potential, and proactively managing risks, the advisors will help ensure this critical infrastructure project stays on schedule and 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," said Special Advisor to the Amtrak Board Andy Byford. "By working with the private sector, we will be working with advisors who focus on the project's goals while minimizing costs for taxpayers."

In Fiscal Year 2024, New York Penn Station welcomed more than 12 million guests, 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.