Skanska and Halmar Advance Penn Station Transformation Through Pre-Development Agreement and Early Contractor Involvement

New York, NY – Skanska, a leading global construction and development firm, today announced that it, along with Halmar Infrastructure Development Inc. in a 50/50 developer consortium operating as Penn Transformation Partners DevCo, LLC (PTP), has entered into a Pre-Development Agreement (PDA) with Amtrak in partnership with the U.S. Department of Transportation (USDOT) for the transformation of New York Penn Station.

Earlier this year, Amtrak and the U.S. Department of Transportation selected Penn Transformation Partners as Master Developer for the Penn Station Transformation Project.

Through the newly executed PDA, PTP will now begin advancing project planning, development and delivery activities alongside Amtrak and federal stakeholders. Concurrently with executing the PDA, PTP has entered into an early contractor involvement agreement with the 55/45 construction joint venture between Skanska and Halmar International, bringing construction expertise into the project development process at an early stage.  

“Executing the pre-development agreement marks an important milestone for the Penn Station Transformation Project and advances our partnership with Amtrak and the U.S. Department of Transportation,” said Magnus Eriksson, Managing Director of Skanska Asset Management and Chief Commercial Officer of Penn Transformation Partners. “This agreement allows us to begin the collaborative planning and development work that will help lay the foundation for a modernized Penn Station, improving the experience for millions of passengers and supporting the long-term transportation needs of New York City and the Northeast Corridor. With extensive experience delivering complex transportation and infrastructure projects, we are honored to work alongside our partners to help transform one of the nation’s most important transit gateways and look forward to the work ahead.”

The PDA establishes the framework for advancing design, planning and permitting activities while Penn Transformation Partners and Amtrak work toward a definitive Public-Private Partnership agreement to deliver the project through a design-build-finance-operate-maintain model.

During the PDA phase, Amtrak, led by Special Advisor Andy Byford, and Penn Transformation Partners will finalize the project's design, conduct stakeholder and community engagement and establish a firm fixed price to deliver the work. The PDA phase will also include opportunities for public comment and input from local stakeholders, transit riders, elected officials and partner agencies.

Serving more than 600,000 daily commuters and visitors, Penn Station is the busiest transportation hub in the Western Hemisphere. The planned redevelopment will transform the station into a modern, world-class transportation hub designed to improve passenger circulation, safety, accessibility and operational efficiency while creating a more welcoming experience for commuters and visitors.  

Plans include a new Eighth Avenue entrance leading into a modern, spacious train hall, expansive light-filled concourses that replace existing passageways and enhancements that preserve Madison Square Garden in its current location while improving its exterior appearance.

Additional improvements include consolidating public amenities, customer services, retail and dining offerings on a single concourse level, enhancing passenger circulation and accessibility, improving lighting and wayfinding, creating new passenger pick-up and drop-off locations and beautifying surrounding streets and sidewalks to enhance the pedestrian experience.

Pre-development activities are expected to begin in June 2026 and continue through the end of 2027.