"This project truly represents a model in providing a seamless, interconnected system that combines transportation options at one location," said Secretary LaHood. "It's an example for the rest of the nation in supporting the Department's sustainability and livability goals."
"This significant federal investment in the Transbay Transit Center is a huge step forward in completing this innovative project," said Speaker Nancy Pelosi. "The Transbay Transit Center will increase public transport options, reduce congestion, lower carbon emissions, and create jobs. The new, modern, green, multi-modal, regional facility will become the 'Grand Central of the West,' connecting eight counties, nine transit systems, and communities throughout the state with long-distance bus and rail service, including high-speed rail. In addition, with the associated development of housing and businesses, Transbay is on its way to becoming the heart of a revitalized neighborhood and a national model of transit-oriented development.
The new multimodal, regional facility, to be completed in 2014, will replace an outdated terminal built in 1939.
"The loan is a great example of how critical federal funding can advance transportation projects and bring them closer to reality," Federal Highway Administrator Victor Mendez added.
"The Transbay Transit Center Project will centralize a fractured regional transportation network, making transit connections between all points in the Bay Area fast and convenient," said FTA Administrator Peter Rogoff. "The new transit center, with its sustainable and green building features, will make public transit a convenient option, allowing people to travel and commute without the need for a car, thereby decreasing congestion and pollution."
The Department's Transportation Infrastructure Finance and Innovation Act (TIFIA) loan will also finance ramps to the Bay Bridge, a bus storage facility and the design of the underground transit facility as part of the project's first phase.
The second phase, which is still subject to financing commitments, will extend Caltrain service, the California commuter rail line, 1.3 miles to the new center.
Overall, the new Transbay Transit Center will serve more than 45 million passengers annually and house nine transportation systems, including the San Francisco Municipal Railway (MUNI), California high-speed rail and Greyhound. The new facility will improve commutes within northern California and connect that region to the rest of the state and the country. It is part of a larger plan to revitalize the downtown area.
The Transbay Transit Center is the first transit project of its kind funded by TIFIA.
The Transbay Joint Powers Authority, a local government agency created to design, build, operate and maintain the new center, will receive the loan to advance the project.
Construction cost for phase one of the project is $1.189 billion. The total project cost is slated at $4.2 billion.