The New York State Urban Development Corporation D/B/A Empire State Development (ESD) has secured a $537.1 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the Moynihan Train Hall Redevelopment Project.
The U.S. Department of Transportation is providing the loan through the Build America Bureau and says the project “aligns with the department’s mission to provide financial support for important infrastructure projects that have met the criteria for the TIFIA credit program.”
In January 2016, New York Gov. Andrew Cuomo proposed a $3-billion plan to transform New York Penn Station and the James A. Farley Post Office into a world-class transportation hub, which included redevelopment of the planned state-of-the-art Moynihan train hall for Amtrak, with services for passengers of the Long Island Rail Road, New Jersey Transit and the new Air Train to LaGuardia Airport.
USDOT notes that the train hall deliver critical improvements and expansions that will ease congestion and delays and facilitate future passenger demand and recognizes that the train hall will benefit the entire North East Corridor (“NEC”) service area, as two-thirds of all NEC rail trips pass through New York Penn Station.
“This TIFIA loan will help transform the James A. Farley Post Office Building in Manhattan to include a modern, state-of-the-art train station, delivering extensive improvements for passengers in easing congestion and delays,” said USDOT Secretary Elaine L. Chao. “This is an important investment in the Northeast Corridor’s rail service and the economic vitality of the region.”
Construction of the project has commenced and is expected to conclude in December 2020. The TIFIA loan for the approximately $1.85 billion project will provide critical financing to this public-private partnership, in which ESD, the Port Authority of New York and New Jersey, Metropolitan Transportation Authority, Amtrak and private developers will provide the remainder of the approximately $1.3 billion in funding for the project.