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Hudson River tunnel project opens door to private firms
Source: Reuters
U.S. | Thu Jun 1, 2017 | 6:25pm EDT
Hudson River tunnel project opens door to private firms
By Hilary Russ | NEWARK, N.J.
The board overseeing the construction of a new train tunnel under New York's Hudson River agreed on Thursday to solicit information from private-sector construction and finance firms about how to complete the multibillion-dollar project.
The tunnel, part of national rail company Amtrak's $24 billion Gateway Program, could potentially use a public-private partnership (P3) model to build and finance portions of the project, John Porcari, interim director of the Gateway Program Development Corporation, told board trustees.
"We're really looking for the best ideas from around the world," he said. Requesting information from private companies is different than actually requesting bids, which would come later.
Private firms have been "consistently... reaching out throughout the gestation of this whole project" and "there's a very high level of interest," he told reporters after the meeting.
The project is moving ahead as pressure mounts on the region's overburdened transportation system.
[font size=1]-snip-[/font]
Hudson River tunnel project opens door to private firms
By Hilary Russ | NEWARK, N.J.
The board overseeing the construction of a new train tunnel under New York's Hudson River agreed on Thursday to solicit information from private-sector construction and finance firms about how to complete the multibillion-dollar project.
The tunnel, part of national rail company Amtrak's $24 billion Gateway Program, could potentially use a public-private partnership (P3) model to build and finance portions of the project, John Porcari, interim director of the Gateway Program Development Corporation, told board trustees.
"We're really looking for the best ideas from around the world," he said. Requesting information from private companies is different than actually requesting bids, which would come later.
Private firms have been "consistently... reaching out throughout the gestation of this whole project" and "there's a very high level of interest," he told reporters after the meeting.
The project is moving ahead as pressure mounts on the region's overburdened transportation system.
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Read more: http://www.reuters.com/article/us-new-york-new-jersey-tunnel-idUSKBN18S6LY