The Penn Station Redevelopment Plan is set to be one of the largest real estate projects in U.S. history. The project, spanning approximately 18 million square feet, includes the construction of 10 skyscrapers surrounding the station that will host office and retail space, 1,800 housing units, and a hotel. 

It also includes a long-overdue renovation of Penn Station. Improvements to the station include cosmetic upgrades, the reconfiguration of the train hall serving NJ Transit and Long Island Rail Road, subway improvements, and the construction of a rail tunnel under the Hudson River. This is estimated to cost $7 billion, with the cost of the rest of the redevelopment adding an additional $13 billion to the bill. 

The project’s approval allows an application to be made for federal funding. The proposal now heads to the Public Authorities Control Board, a state body responsible for granting financial approval for applications from statewide public authorities, which will review and vote on the project on July 27th.