Gateway Project construction $23B through P3/PPP
The Gateway Development Corporation, a group formed by the current commissioner of the New Jersey Port Authority and a former lawmaker, will work to secure low cost loans and federal grants to fund the Gateway Project.
The project is projected to cost in the $23 billion range. The first part of the Gateway Project is the Hudson River Tunnel project, which calls for the construction of two new tunnels, replacing the aging Portal Bridge across the Hackensack River in Kearny and building two new tracks between Secaucus Junction and the new tunnels. The existing, storm-damaged, 106-year-old tunnels would be repaired after the new ones are built