| Name |
Farley-Pennsylvania Station |
| Location |
New York, New York |
| Mode |
Intermodal |
| Description |
Expand and refurbish the James
A. Farley Post Office Building
and portions of the existing
Pennsylvania Station Complex
as an intermodal transportation
facility and commercial center.
Provide passenger complex
for Amtrak, commuter rail,
subway, airport access,
bus and taxi passengers,
and the U.S. Postal Service
to
Increase station
capacity by 30 percent;
Double passenger
circulation space;
Provide a new Manhattan
terminal for high-speed
rail service between Boston
and Washington.
|
| Sponsor |
Partners in the cooperative venture
are:
Pennsylvania Station
Redevelopment Corporation
(PSRC)-a subsidiary of
New York's Empire State
Development Corporation;
Amtrak;
the U.S. Postal
Service, and
Federal, State,
and City governments.
|
| Cost |
$650 million |
| Type
of Finance |
$140 million USDOT TIFIA direct
loan
$20 million USDOT TIFIA line
of credit
Government grants from FRA,
US-DOT, CMAQ, NYS DOT, NYC EDC,
and MTA |
| Revenue Sources |
Lease payments |
| Project Delivery
/ Contract Method |
To Be Determined |
| Private Investor
Partner |
RFP to be released in Summer 2004 |
| Project Advisors |
O'Brien Kreitzberg |
| Lenders |
TIFIA program |
| Physical Status |
Estimated completion: 2008 |
| Financial Status |
|
| Innovations |
The incorporation of PSRC gives
the project the ability to raise
money from the private sector
and recruit retail businesses
for the station. |
| Related
Links / Articles |
USDOT
Press Release
TIFIA
Project Fact Sheet
Coverage
in Innovative Finance Quarterly
Penn
Station Redevelopment
Moves Above Ground
Pennsylvania
Station Redevelopment
Project |
| Contacts |
Michael Royce
President
Pennsylvania Station Redevelopment
Corporation
Tel. (212) 803-3667 |
| Last Review/Update |
Pennsylvania Station Redevelopment Corporation December
2003 |
