Rail

New York lands $537M TIFIA loan for train hall redevelopment

Posted on July 6, 2017

Rendering of Farley Post Office redevelopment. Photos via Gov. Cuomo's office.
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.

Rendering of new LIRR 33rd Street Concourse at Penn Station.
Rendering of new LIRR 33rd Street Concourse at 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.

View comments or post a comment on this story. (1 Comment)

More News

Dallas' D2 subway reaches preliminary design milestone

The next phase is preparing a supplemental draft environment impact statement to access potential impacts and benefits of the project.

Bombardier temporarily ceases work at its Canadian facilities

The suspension includes Bombardier’s aircraft and rail production activities in the provinces of Quebec and Ontario.

Sound Transit completes downtown light rail service

The return follows the conclusion of Connect 2020, an 11-week period of major service impacts while construction crews connected the existing system in downtown Seattle to East Link.

FRA seeks to gauge performance, service of intercity passenger rail

The rule would define Amtrak on-time performance and would set forth a minimum on-time performance standard of 80%.

Calif.'s Metrolink lands $10.7M CRISI grant

The grant will partially fund the Burbank Corridor Speed and Safety Improvements Project, which will enhance service on Metrolink’s Ventura County and Antelope Valley lines.

See More News

Post a Comment

Post Comment

Comments (1)

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