Receives $4 Million In State Funding
Funding from Governor, Legislature Will Have Positive Impact on Project, Surrounding Community
Penn Station Partners, the Baltimore-based global development team leading the transformation and redevelopment of historic Penn Station, today publicly thanked both Governor Hogan and the leadership of the Maryland General Assembly for $4 million in state funding included in the 2022 budget.
Senate President Bill Ferguson, House Speaker Adrienne Jones, House Appropriations Chair Maggie McIntosh, and Senator Cory McCray allocated $3 million to the project, and an additional $1 million was included in the governor’s most recent supplemental budget. This new funding, combined with the $90 million investment from Amtrak, will help ensure the city’s main transportation hub is successfully restored and that construction can begin in the near future.
Originally built in 1911, the last major renovation of Penn Station was in 1984. Penn Station Partners’s master conceptual plan includes the full historic preservation of the station.
“The restoration and redevelopment of Penn Station is an important project for Baltimore City and the state, and we are grateful to receive this level of support from the Hogan administration and the General Assembly,” said John Renner of Penn Station Partners. “This funding will play a critical role in the transformation and renewal taking place at Penn Station and the surrounding communities. Together, with our partnership with Amtrak, we are more confident than ever about the incredible potential of this project, especially at this time when infrastructure investment is at the forefront of the national discourse.”
“This funding is vital to our success as we work together to restore and reimagine the eighth busiest station in the country here in Baltimore and leverage additional future investments such as the Baltimore and Potomac Tunnel Replacement project,” said Dennis Newman, Executive Vice President, Planning & Asset Development for Amtrak. “As Amtrak celebrates 50 years of service, we are committed to preserving the historical attributes of the station and surrounding property while modernizing them for future capacity and functionality. We are grateful to the state of Maryland for their support and recognition of the importance of this project.”
The development framework and station area improvements will leverage additional Northeast Corridor infrastructure and capacity improvements, including the new Amtrak high-speed rail expansion effort currently underway.
About Penn Station Partners:
A Baltimore-based team with global expertise, Penn Station Partners was created to realize value for Amtrak while strengthening the creative heart of the City. PSP is a team of renowned experts who are prepared and highly motivated to unlock the untapped potential of Baltimore’s Penn Station. Penn Station Partners is led by Beatty Development Group and Cross Street Partners, two homegrown real estate development firms that have an established history of working together to drive positive outcomes for Baltimore.