At the end of August, the Gateway Program partners submitted an updated financial plan for the Hudson Tunnel Project to the Federal Transit Administration (FTA) that should improve the project's rating to a medium or better. The new financial plan recalculates and strengthens financial commitments by the project partners based on an updated cost estimate accounting for the four-year delay during the previous Administration.  

According to the updated plan, major construction on the new tunnel is estimated to begin in August 2023 and the Project’s construction cost is estimated at USD12.3 billion, including USD10.1 billion for the new tunnel and USD2.2 billion for full rehabilitation of the existing tunnel.  

The project’s construction cost estimate is down from USD12.7 billion in 2017. Overall, the project partners have taken more than USD2 billion out of the cost estimate, including USD1.4 billion based on advanced design work in the 2019 filing and more than USD900 million in property acquisition estimates since Amtrak was able to acquire a major Manhattan property over the summer.  

Click here for further information, here and us/21 for the tunnebuilder archive reports and also visit www.hudsontunnelproject.com and http://www.gatewayprogram.org.  38/21.