The U.S. Department of Transportation and the Amtrak Board of Directors has announced the selection of a Penn Transformation Partners, a team led by Halmar and Skanska, as the master development for the Penn Station revamp. 

The $7-billion project, which will not require the relocation of Madison Square Garden, is set to include: 

  • a new entrance from Eighth Avenue to a new train hall;
  • Replacement of existing walkways with larger concourses;
  • An expansion of track capacity with new limited through-running ;
  • New retail, wayfinding signage, and other passenger experience improvements;
  • Upgrades to the station's existing subterranean structure.

Halmar

“FRA is investing $200 million to support critical design and permitting work on the New York Penn Transformation," said FRA administrator David Fink in a news release. "The new station will be an architectural icon that fuels further development in the Nation’s financial capital while accommodating more passengers during critical rush periods."

Construction is proposed to commence before the end of 2027.

The Trump administration's control of the project dates to mid-2025, when it stripped the MTA of oversight in favor of Amtrak and USDOT.