Key Sources for Amtrak’s “New York Penn Station Transformation Project”

February 23, 2026

Updated March 26, 2026

Reinvent Albany is closely tracking developments regarding Amtrak’s proposed “New York Penn Transformation” project. To aid advocates, stakeholders, and journalists who are monitoring and assessing the project, we have compiled a list of resources in four categories, including:

  1. The project timeline
  2. Procurement process
  3. Project financing
  4. News coverage

Project Timeline

According to Amtrak’s website for the project, the project timeline is shown below:

Key timelines remaining for 2026-2027 are:

  • May 2026 – Master Developer Selection
  • Summer 2026 to  End 2027 – Preliminary Design and National Environmental Policy Act (NEPA) Review
  • End of 2027 – Construction initiation

Procurement Process

Amtrak has announced the following:

Unfortunately, despite a request from Reinvent Albany (see our letter here and more discussion below), Amtrak has declined to release the Request for Proposals (RFP) for the project.

Financing

Reinvent Albany has similar concerns regarding the project’s financing, as we did for the former “Empire Station Complex” Penn Station proposal pushed by former Governor Andrew Cuomo and Empire State Development. See our list of resources for the prior project, including the General Project Plan that Governor Kathy Hochul “decoupled” from Penn Station Rebuilding)

We sent a letter on January 29, 2026 to Amtrak’s project lead for Penn Station, Andy Byford, asking for answers on a number of questions related to the project’s financing. Amtrak responded to our questions on February 10, 2026. The specific questions and answers are below.

  1. Who will pay for the Project? How much federal money is available now? 

The budget for the Project’s implementation is expected to be fully developed by 2027, once design and other Project development activities are completed. Amtrak expects to seek significant funding from the federal government in the form of loans and grants, potentially including grant programs with local match requirements where Amtrak and other project partners will be expected to contribute. Amtrak also anticipates the Master Developer to fund a portion of the project. In August 2025, the United States Department of Transportation (USDOT) announced a grant of approximately $43 million from the Federal Railroad Administration (FRA) to Amtrak to procure a Master Developer and initiate preliminary Project development work. Amtrak plans to pursue additional federal grant opportunities as soon as this year. 

  1. Why is there a private finance component when federal borrowing could spread the cost of a national infrastructure project across the national tax base?

As stated above, the Project is being executed as a progressive public-private partnership (P3). P3s are long-term contractual agreements between a public agency and a private entity to deliver an infrastructure project. By using a P3 delivery model, it allows us the opportunity to bring private sector efficiency, capital, and expertise to the project. P3s can provide public agencies and projects with access to private capital to help accelerate project delivery, allocate project risks among public and private sector entities, bring innovation to public projects, and create incentives for efficient management of public assets.

Amtrak is planning to seek significant federal funds to deliver the project and is in on-going conversations with the federal government to ensure they are aware of our funding needs at every stage of the process. It is unrealistic to think any single party will bear the entire project cost given the anticipated magnitude of the project. 

  1. Will user fees paid by NYC-area railroads or their riders be considered?

No, Amtrak is not considering user fees. 

  1. Do project/financing parameters contemplate commercial real estate development outside of the station and/or Amtrak’s property boundaries? 

At this stage in the project, it is too early to determine if there will be any commercial real estate development outside of the station and/or Amtrak’s property boundaries as no proposals, only team qualifications, have been reviewed thus far. Amtrak outlined a base scope for the project that only included elements in the footprint of the station and the Penn Station Service Building, which is Amtrak-owned property adjacent to the station. But the process is also designed to allow for “scope enhancements,” namely, innovative ideas for improving Penn Station and/or financing the project beyond the base scope elements. 

Master Developer teams must demonstrate that any scope enhancements are feasible and provide a net benefit to the project. Amtrak is not obligated to proceed with any proposed scope enhancements, even if we move forward with a Master Developer team that proposed one. 

  1. How long are the terms of the agreement? 

Once the evaluation committee has selected a preferred proposer, Amtrak will seek approval to enter a contract with the Master Developer referred to as a “pre-development agreement” or PDA. Amtrak is not committing to a final design or financial plan for the transformation of Penn Station through this procurement process; instead, this contract provides a framework for Amtrak and the Master Developer to further develop the project and strategy for implementation, including advancing design work and financial planning activities. PDA activities are expected to occur between 2026-2027.

Recent News Coverage

Reporting on the procurement process has focused on both the selection process’s transparency, and the inclusion of a developer, Vornado, in the “Shortlisted” teams, lead by Halmar. Relevant articles are listed below.