The long-awaited construction of the Hudson River rail tunnel, listed on the NYSE as HUD, is about to gain momentum thanks to an additional $3.8 billion in federal funding. Senator Chuck Schumer and Transportation Secretary Pete Buttigieg are poised to announce the next phase of the $16.1 billion Gateway project. The Gateway Development Commission is overseeing this initiative, which involves the creation of a concrete casing beneath Hudson Yards in Midtown Manhattan to accommodate train traffic heading to Pennsylvania Station.
In parallel, efforts will begin to reconfigure a New Jersey highway, facilitating the excavation of the tunnel. Two substantial boring machines will be employed to carve a passageway beneath the riverbed into Manhattan’s bedrock. The two-track Gateway tunnel is set to start construction in 2025, with an anticipated opening in 2035.
This project has encountered numerous political obstacles over the past 15 years, experiencing setbacks during President Trump’s administration. However, it has gained momentum under President Biden’s leadership. Senator Schumer has secured over $10 billion in federal funding for the project, and Secretary Buttigieg has designated it as a top national priority.
The deteriorating condition of the existing tunnels, which have not undergone renovation since former New Jersey Governor Chris Christie halted the work 13 years ago, underscores the critical nature of this project. President Biden himself has pledged $292 million for the concrete casing, while Senator Schumer has announced a $6.88 billion grant from the U.S. Department of Transportation.
New York and New Jersey have agreed to equally share the remaining costs, marking a significant stride forward for a project that is essential for maintaining and enhancing transportation infrastructure in one of the nation’s busiest regions.
