Penn Station Project Takes Milestone Step Forward after PACB Green Light
The proposed critical redevelopment of Penn Station into a world-class transportation hub and the revitalization of the surrounding area received approvals of the financial framework from the Public Authorities Control Board (PACB) according to the July 27, 2022 press release by Governor Hochul’s office. Unanimous support of the Pennsylvania Station Area Civic and Land Use Improvement Project’s General Project Plan by the PACB represents a major step forward towards making the proposed vision of the project a reality, while also affirming the state’s commitment to delivering the project without raising taxes on New Yorkers of fares on transit riders. In addition to the re-construction of Penn Station, up to 1,800 units of housing, including hundreds of affordable and supportive housing units, will be constructed; as well as new state-of-the-art office space, 8-acres of open space, and enhancements to streets, sidewalks, and located transit infrastructure. Cost-sharing of the estimated $22 billion (as of July 24,2022) project will be 50% Federal / 25% New York / 25% New Jersey, except for the estimated $2 billion cost of the Public Realm and Transit Improvements which will be New York State’s responsibility in its entirety.