Halmar JV selected as Master Developer for the Redevelopment of New York Penn Station
New York, NY – Penn Transformation Partners (PTP), a joint venture led by Halmar and Skanska, has been appointed the Master Developer for the redevelopment of New York Penn Station and today entered a pre-development agreement (PDA) with Amtrak, the station’s owner. The PDA agreement will enable the advancement of project and design details, facilitate permitting and stakeholder input, and the determination of final costs and financing sources. This major milestone will move PTP and Amtrak closer to a definitive Public-Private Partnership (P3) agreement to deliver the project using a design-build-finance-operate-maintain model.
Halmar, a member of the ASTM Group, is honored for this once-in-a-lifetime opportunity to reimagine the busiest train station in the Western Hemisphere as a world-class transportation hub, delivering a significantly enhanced experience for travelers and visitors. Central to the transformation is a grand new Eighth Avenue entrance leading into a contemporary train hall, supported by an expansive, light-filled concourse that will replace the existing, cramped passageways. Improvements will also include expanded track capacity, enhanced operational train performance, upgraded wayfinding, and world-class retail and passenger amenities. Madison Square Garden will remain in its current location, with upgrades to its exterior.
“Halmar is proud to be a partner with Skanska on a historic project that reimagines New York Penn Station. With our development and design team members, we will truly transform Penn Station into an iconic building all New York residents and visitors will be proud of and create a functioning station that will enhance their experience. We know we have the right team and people, and look forward to working with our partners in Labor. Thanks to the President’s vision and action, along with USDOT and Amtrak, a new station is finally on its way.” – Chris Larsen, CEO Halmar
Penn Transformation Partners has assembled a world-class team of globally recognized builders, developers, designers, engineers, and infrastructure experts with a proven track record delivering complex projects around the world. Halmar Infrastructure Development (Halmar ID), the developer arm of the ASTM Group in North America, together with Skanska, will lead Penn Transformation Partners. Construction will be delivered through a joint venture between Halmar International, the construction arm of the ASTM Group in the United States, and Skanska USA Civil Northeast. Together, the team will work closely with Amtrak, the U.S. Department of Transportation, the community, and key stakeholders to deliver a modern, world-class station.
The project will generate significant economic activity and job creation, supporting the regional workforce and advancing long-term transportation resilience. As Penn Station sits at the heart of the Northeast Corridor and plays a vital role in regional and national mobility, the transformation will enable increased passenger volumes, improve operational efficiency, and create a welcoming civic landmark that reflects New York City’s global stature.
For more updates on the project visit http://www.penntransformation.com