Governor Kathy Hochul has announced that the state will proceed with the plan to rebuild Penn Station without constructing high-rise office towers around it. The state will separate the renovation from redevelopment of its surrounding neighborhood and seek alternative funding sources for its $7 billion project.
The Governor did not disclose a new financing plan, though she mentioned applying for federal aid and utilizing previously allocated funds of $1.3 billion. Additionally, they are expanding their search for architects in order to consider additional design ideas before Italian developer ASTM’s alternative proposal is considered by the MTA or State government – which faced criticism due to eminent domain usage and allegations of favoritism when initially proposed.
This announcement comes as an important step forward in revitalizing Penn Station while avoiding controversial components associated with previous plans.
