Spare change: Officials ask Related to help fund Gateway project

Bistate group seeking $440M turns to developer to fill funding gap

New York /
Sep.September 26, 2017 08:30 AM

The bistate group overseeing the $30 billion Gateway tunnel is turning to the Related Companies to pay for a small part of the project.

The Gateway Development Corp., a division of the Port Authority of New York and New Jersey, is asking the developer to chip in for the 550-foot-long concrete encasement underneath Hudson Yards, Politico reported. The group and Amtrak need $440 million to finish installing the encasement, which will carry trains in and out of the new rail tunnel.

“We’d love any contributions and are in ongoing discussions with the Related Companies,” John Porcari, executive director of Gateway Development Corp., told Politico. “We recognize that the third piece of the tunnel box needs to be built very quickly so that it doesn’t impact Hudson Yards and so that we maintain a tunnel route into New York.”

It’s not clear how much Porcari asked Related to contribute.

The encasement must be completed before Related and its development partner, Oxford Properties Group, can move forward with the final phase of their massive Hudson Yards project. Funding for Gateway has been up the air since the White House hasn’t been clear about how it will contribute.[Politico]Kathryn Brenzel


Related Articles

arrow_forward_ios
The tenants who won the affordable housing lottery at 15 Hudson Yards say the units are in an “entirely separate part of the building and with a different address.” (Hudson Yards, District Court of New York)
Lawsuit claims 15 Hudson Yards discriminates with “poor doors”
Lawsuit claims 15 Hudson Yards discriminates with “poor doors”
Council members call out City Planning on Soho rezoning
Council members call out City Planning on Soho rezoning
Council members call out City Planning on Soho rezoning
According to the Center on Budget and Policy Priorities, around 11.5 million Americans were behind on rent last month. (Getty)
Four landlords allegedly pushed out 5,000 renters during moratorium
Four landlords allegedly pushed out 5,000 renters during moratorium
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Gov. Andrew Cuomo and the Surfside condo (Getty, iStock)
After Surfside, NY state lawmakers call for tighter inspection protocols
After Surfside, NY state lawmakers call for tighter inspection protocols
Policy change puts $20 a month in home refinancers’ pockets
Policy change puts $20 a month in home refinancers’ pockets
Policy change puts $20 a month in home refinancers’ pockets
Rent law, then Covid leaves family landlord with no choice but to sell
Rent law, Covid leave family landlord with one choice: sell
Rent law, Covid leave family landlord with one choice: sell
Trump CFO Allen Weisselberg (Getty)
Trump CFO Allen Weisselberg quit roles even before indictment
Trump CFO Allen Weisselberg quit roles even before indictment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...