Announcement today that the federal government has agreed to fund 50% of the proposed Gateway Tunnel project into NYC.
For anyone living and working in the NJ-NY area, this is a watershed moment. The project will build two additional tunnels with DIRECT access to NY Penn Station, two additional tracks between Newark and NY, and a replacement bridge over the Hackensack River.
The 50% balance of the funding will be equally split between NJ and NY.
After the ARC tunnel project was cancelled, the metro area held it's collective breath as Amtrak, USDOT, both Governors and US Congressmen worked to craft a funding profile that actually worked.
Price tag is estimated at $20 Billion.
Considering the cost of the ARC project was around $13-$14 Billion, resulting in a dead end terminal 120' below ground with no connection to existing trackage, Gateway is a bargain.
Don't open the Champagne yet. Forecast completion is 2030.