Amtrak and Penn Transformation Partners (PTP) have finalized a pre-development agreement (PDA) to overhaul New York Penn Station.
The PDA phase will run through 2027 and will include community engagement and opportunities for public comment. Amtrak and PTP will finalize the project’s design and gather stakeholder input to establish a price for the project that will break ground by the end of 2027.
The new Penn Station will feature a single-level concourse, new entry points and passenger pick-up and drop-off locations, expanded track capacity, upgrades to the station’s existing subterranean structure, new retail and restaurant space, and a grand entrance.
“Now, we will move forward as quickly and efficiently as possible to advance the design, establish a clear path to construction, and ensure the station reflects the needs of riders and the community,” Peter Cipriano, Penn Transformation Partners CEO, said. “We look forward to delivering a new Penn Station that will become a civic landmark and transit hub that is safer, more spacious, and better equipped to serve the growing needs of this region for decades to come.”
The project will cost an estimated $7 billion to $8 billion. It will be funded primarily through federal funding, private financing, and equity.