Amtrak Drops $300M on Land Acquisition, Prep for Gateway Tunnel Project

courtesy of Amtrak

This might seem like déjà vu, but a new effort is being mounted to kickstart the proposed Gateway tunnel, which would link New York and New Jersey. But it's a long way from starting. Amtrak chairman Anthony Coscia says an environmental review process may begin as early as this fall. Amtrak has already shelled out $300M acquiring land and prepping for work. But it has yet to gather the $15B needed to fund the entire Gateway project, Crain's New York reports. Coscia's banking on regional power brokers realizing the project is critical. The existing cross-Hudson tunnels are a century old and aging poorly. If a next-generation solution isn't initiated soon, officials believe one or both tunnels will need to be closed for repairs in the next 20 years, which would affect rail travel across the eastern seaboard and result in major economic problems. Shutting down one tunnel would reduce the capacity from 24 trains an hour to just six trains. Peter Rogoff, the undersecretary of transportation for the Obama administration, describes the potential loss of a tunnel as cataclysmic. He believes Gateway is the country's most important macro rail project. The Gateway concept was introduced in early 2011. In 2012, Sen. Charles Schumer predicted a 2013 groundbreaking, but that was sabotaged by Superstorm Sandy. On the bright side, federal relief money helped fund placeholder "tunnel boxes" under Related's Hudson Yards project. [Crain's]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Taconic Partners Sheds Another NYC Life Sciences Property

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders

Tishman Speyer Seeks $92M Tax Break For Next Hudson Yards Office Tower

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years