The Real Estate Board of New York to The Gateway Development Corporation of Directors

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REBNY appreciates the opportunity to submit comment to the Gateway Development Corporation Board Meeting in favor of full funding for the Gateway project and timely completion of one of the most ambitious and critical infrastructure projects in the Northeast.

Continued investment in our region’s infrastructure is essential for attracting and retaining an in-person workforce and businesses, which will help accelerate a robust and equitable economic recovery. This point is one of many reasons why REBNY is a proud member of the Build Gateway Now Coalition, comprised of civic, labor, and business leaders building support for the construction of this new rail tunnel.

Providing full operational and capital funding for the Gateway Project and ensuring its quick completion will play a critical role in advancing a strong economic recovery for New York City. The Gateway Program made major progress and built momentum during 2022 with Governor Hochul signing an MOU codifying funding for Phase One of the Gateway Projects. Phase One encompasses the construction of the Hudson Tunnel and replacement of the Portal North Bridge, which GDC became the official project sponsor of. The Full Funding Grant Agreement Application to enter engineering for the tunnel was successfully submitted and a fully updated cost schedule analysis was completed.

These are important milestones the advancement of the Gateway Project, which is critical to the region’s economic growth and recovery. The construction of the tunnel and replacement of the Portal North Bridge will spur job growth in the region and increase ridership beyond pre-pandemic levels. As an organization representing private sector real estate interests, REBNY is proud to support these efforts. Thank you for your time and consideration.