“They were detailed, and I think they can quickly get approval so we can get the federal funding.”
“I did like the plans that I did see,” Mr. Amtrak, which owns the station, and the Metropolitan Transportation Authority and New Jersey Transit, its biggest users, would repay ASTM over time, relying on their own capital resources as well as federal funds. They would then manage and operate the station for 50 years, according to people familiar with the proposal. The company and its equity partners would pay for the upfront costs of construction and any cost overruns. Proponents of the new proposal add that it would not prevent Vornado, which would remain a large landowner in the Penn Station district, from developing the area in the future.
Penn station full#
“Our team has developed a game-changing plan to fully deliver on Governor Hochul’s new vision for a reimagined Penn Station that is iconic, spacious, accessible, and full of light and air,” while improving functionality, a spokesman for ASTM said in a statement.ĪSTM has said its cost projection will not be ready until June - when it had been planning to unveil the proposal - but has argued the project will cost significantly less than the original plan. All 21 tracks would be accessible from the new halls, with additional staircases, elevators and escalators.Ī new mid-block train hall, which would abut an office building at 2 Penn Plaza, would be wrapped in a 100-foot-tall glass enclosure, creating a sunny arcade for pedestrians moving between West 31st and 33rd Streets. Inside, the Eighth Avenue hall would have 55-foot ceilings above the new passenger concourse and a mix of retail and waiting areas and possibly a homeless outreach center. Foye, a former chief executive of the Metropolitan Transportation Authority and a former executive director of the Port Authority of New York and New Jersey and Peter Cipriano, a former senior infrastructure adviser to Elaine Chao, the transportation secretary during the Trump administration. The new proposal is being spearheaded by two well-connected political operators: Patrick J. Revenue from the towers, part of an 18-million-square-foot proposal reliant mostly on the leasing of new office space, was to help fund the up to $10 billion state share of the Penn Station renovation. Steven Roth, Vornado’s chief executive, said on a call with analysts that the prospect of new construction in the city was “almost impossible” because of tight lending conditions. The scramble to find an alternative plan to fund an overhaul of Penn Station became more pressing in February after Vornado pumped the brakes on the project, citing economic uncertainty brought on by the pandemic. Hochul has begun weighing fallback options and has said she will find a way to redo Penn Station with or without Vornado. While the Vornado plan has been abandoned in the short-term, it could be revived if economic conditions improve.Īt the same time, Ms. The governor is not obliged to pick an alternative proposal, and Vornado officials say they hope to continue with their agreement. Hochul, who has indicated that she is open to alternatives to the state’s partnership with Vornado Realty Trust - the firm expected to lead redevelopment around the station - has not publicly weighed in on the new proposal.
:no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/9628307/MNY201778.jpg "penn station")
It is being pitched by prominent people in infrastructure and government, and it involves design work by the architecture firm that codesigned La Guardia Airport’s widely lauded Terminal B. It does not require the total demolition or relocation of Madison Square Garden. It has the advantage of not being tied to revenue from the flagging office tower market. The plan has piqued their interest for a variety of reasons. With the initial plan all but dead and developers now scrambling to fill the void, key legislators and civic leaders say the ASTM proposal is one they are now seriously considering. The Garden would be covered in aluminum and steel, and two new light-filled train halls would replace the notoriously cramped and dark station - all of which could be completed by 2030, the firm has said. The proposal from a subsidiary of the Italian firm ASTM Group calls for the construction of a rectangular glass station around Madison Square Garden. Kathy Hochul championed a plan to help fund the renovation of Pennsylvania Station by allowing the construction of up to 10 towers around the transit hub, that proposal has been mothballed, and an alternate project has emerged as a possible front-runner to replace it.
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