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Cuomo Announces $1.6B P3 Plan for Transit Hub

New York Gov. Andrew M. Cuomo recently released plans for a $1.6 billion P3 to transform the historic James A. Farley Post Office, adjacent to Manhattan’s Penn Station, into a transportation hub that expands access to Amtrak and MTA Long Island Rail Road (LIRR).

The develop-build team, which includes Skanska AB, will create the 255,000-square-foot Moynihan Train Hall in the former post office to house passenger facilities, 112,000 square feet of retail and nearly 588,000 square feet of office space.

The new train hall will have more space than Grand Central’s main concourse, Cuomo noted, and will expand the overall capacity of Penn Station, which Cuomo said serves twice as many passengers as JFK, LaGuardia and Newark airports combined.

The private partners have provided guarantees to complete the project on time and will pay the state approximately $600 million in recognition of the value of the development opportunity. The project balance includes $570 million from Empire State Development, a state economic development agency, and $425 million from federal sources, Amtrak, LIRR and the Port Authority of New York and New Jersey.

Preconstruction work will begin this fall, with completion expected by December 2020.

In other news related to Penn Station’s redevelopment, Cuomo said the New York Metropolitan Transportation Authority (MTA) expects to award a contract by the end of 2016 for a redesign of LIRR’s existing 33rd Street concourse at Penn Station and an extensive renovation to nearby subway stations. The LIRR redesign is scheduled to be finished by the completed renovation of the Moynihan Train Hall.

An artist’s panoramic view of the Moynihan Train Hall and its Amtrak and LIRR facilities.

Art courtesy of Skidmore, Owings & Merrill

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