The project is a multi-phased initiative that will consist of mixed-use development and public infrastructure improvements to the Hoboken Bus Terminal, Ferry Terminal Building, and the area surrounding the rail station.
The tech-based program averages over 14,000 rides per week.
The FHWA provided $425 million in redistributed spending authority. This is the highest amount New Jersey has ever received.
Once the project begins, it is expected to create more than 72,000 American jobs in the region.
The additional service will enhance routes connecting central New Jersey to various points in Manhattan, including Wall Street and Port Authority.
The project is part of the New Jersey High-Speed Rail Improvement program and a $450 million investment by U.S. DOT, and the first of many speed upgrades anticipated in the NEC
The initiative includes $9 million in grants for the deployment of electric garbage and delivery trucks.
H.K. Truck Center will sell and service Lion’s class 5 to class 8 heavy-duty truck offerings, as well as the LionA, LionC, LionD, and LionM bus models.
The technology-based transit system would be the first of its kind in New Jersey.
A letter from FTA to New York and New Jersey officials said the first phase of the project, estimated at $11 billion, seeks a 50% federal investment that is "considerably higher than much existing precedent for past 'mega projects'" and would deplete the existing grant program.
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