San Francisco Transbay Transit Terminal seals $171 million cash injection
San Francisco's ambitious $4billion Transbay Transit Center Project can now move forward following the closure of a $171 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan deal for the project.
The Transbay Joint Powers Authority (TJPA) has been freed to progress with demolition works of the existing terminal building and the construction of the $1.2billion phase 1 of the scheme which will replace the current Transbay Terminal and centralise transportation in the city accommodating nine transportation systems under one roof. A temporary terminal which will allow commuting to continue during works broke ground in December 2008.
"We are thrilled to be one of the first modern rail stations in the United States to achieve this historic milestone and look forward to continuing to make progress on the Transbay Project," said Maria Ayerdi-Kaplan, Executive Director of the Transbay Joint Powers Authority (TJPA). "We are grateful for the strong leadership and support of Secretary LaHood and the United States Department of Transportation, Speaker Pelosi, Senators Feinstein and Boxer, Governor Schwarzenegger and Mayor Newsom on behalf of this important project."
Designed by Pelli Clarke Pelli Architects the overall plans will introduce three components: the new terminal, the extension of the Caltrain rail line by 1.3 miles into the centre of the financial district, and the redevelopment of the area surrounding the transit centre adding 2,600 new homes, a 5.4 acre park roof and a retail street. Adjacent to the centre a mixed use Transit Tower designed by PCPA will be built to provide additional financing for the project.
The $171 million TIFIA loan also paves the way for the next increment of funding for the train box. TJPA has applied for $400 million in federal economic stimulus funds to construct the below grade train levels of the Transit Center as a part of the first phase of construction, which would ultimately save the project $100 million overall. Announcement of the American Recovery and Reinvestment Act (ARRA) funding is expected this winter.
Niki May Young