Gateway Tunnel & Hudson Yards At Crossroad in NYC
A PowerPak Power Minute Article
What You Need to Know:
Two major New York City construction projects are at a crossroads, according to a report by Crain’s New York Business
Here’s a brief, as found verbatim on Construction Dive:
- Developer Related Cos. is gearing up to deck over the western part of Hudson Yards, where the final stretch of the Gateway program’s Hudson River tunnel connecting to the city’s Penn Station is to be built. The urgency has state officials scrambling for the $440 million needed to complete the tunnel.
- Engineering concerns require the deck and tunnel be constructed simultaneously. If Related stays on schedule and the tunnel is not financed, a $250 million investment in earlier portions of the Gateway tunnel would be fruitless for lack of the vital Penn Station link.
These two projects (Hudson Yards & the Gateway Program) are expected to be big boosts to NYC’s economy.
According to Construction Dive, The Hudson Yards project has been a contributor to the New York City’s construction boom in recent years, accounting for 16% of new construction jobs between 2011 and 2014.
Up to this point, the Gateway Program has relied heavily on federal funding.
However, it is now eyeing the private sector for support. This is due to the budget President Trump has set.
Besides the Hudson River tunnel, the Gateway Program also includes new bridges connecting NY and NJ, as well as the conversion of Fairley Post Office Building near Penn Station.
The Bottom Line:
A partner in the private sector could be critical, not only for Gateway but for future projects seeking Federal funds.
Transportation Secretary Elaine Chao announced last week that states/cities that secure private financing for infrastructure projects may also have priority for the allocation of federal dollars under the Trump administration’s pending $1 trillion infrastructure spending proposal.
Where does the Gateway Program land on the list of high-priority infrastructure projects that the Trump administration has put together?
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