Amtrak

and the

Penn Transformation Partners

(PTP) have finalized a pre-development agreement (PDA) for the overhaul of New York Penn Station.

Under the PDA, Amtrak's Special Advisor Andy Byford and the PTP, a joint venture led by Halmar and Skanska, will finalize the project design and gather stakeholder input to establish a firm price for delivering the Penn Station transformation, Amtrak officials said in a press release.

The PDA phase will run through 2027. The project is currently estimated to cost between $7 billion and $8 billion. Byford has stated there will be no fare increases or surcharges passed on to New Jersey Transit, Metropolitan Transportation Authority (MTA) or Amtrak riders to pay for the project, as it will be funded primarily through federal funding, private financing and equity raised by PTP, Amtrak officials said.

The Penn Station Transformation project calls for construction of a grand entrance on Eighth Avenue to a new train hall by removing the Infosys Theater and building a new facade; transformation of walkways into open concourses; expansion of track capacity; the addition of new retail spaces; and upgrades to the station's existing subterranean structure.

"[The PDA] is another major step toward reimagining Penn Station as the transit hub that travelers, visitors and New Yorkers have long deserved," said Peter Cipriano, CEO of Penn Transformation Partners. "Now, we will move forward as quickly and efficiently as possible to advance the design, establish a clear path to construction and ensure the station reflects the needs of riders and the community."

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