The U.S. Department of Transportation and Amtrak announced that Penn Transformation Partners would take on the position of the private Master Developer team to lead the renovation of New York’s Penn Station.
The Amtrak Board of Directors and U.S. Transportation Secretary Sean Duffy said Penn Transformation Partners will renovate the storied Penn Station so it can continue to provide commuters and tourists with a seamless travel experience in New York City. The renovation will include the construction of a grand entrance on Eighth Avenue to a new train hall; the replacement of cramped, decrepit walkways with open, beautiful concourses, and the installation of new retail and better wayfinding that will improve passenger experience while maintaining the iconic Madison Square Garden and improving the station’s existing subterranean structure.
“We took over the transformation of New York Penn Station because the project was behind schedule, over budget, and hopelessly mismanaged. One year later, we continue to hit major milestones at record speed,” Duffy said. “In selecting Penn Transformation Partners and their innovative plan, we are one step closer to delivering a world-class travel hub that daily commuters and travelers have dreamed of for decades.”
Officials said the next step in the project turns to finalizing contract negotiations, working toward permits, completing the Federal Railroad Administration (FRA)-led Service Optimization Study (SOS), advancing design and achieving financial and commercial close as preparation for getting shovels in the ground by the end of next year.
“FRA is investing $200 million to support critical design and permitting work on the New York Penn Transformation. The new station will be an architectural icon that fuels further development in the Nation’s financial capital while accommodating more passengers during critical rush periods,” FRA Administrator David Fink said.