RESGroup was retained by the Grand Penn Community Alliance to create a financial and development strategy that would support a public private partnership for the redevelopment of Pennsylvania Station (“Penn Station”) and the immediately surrounding area. The concept includes moving Madison Square Garden (“MSG”), which sits atop Penn Station, to another location, allowing for opening up access to the station area for an open and well-lit track expansion and renovation as well as creation of an publicly accessible urban park to sit atop the new station upon its completion. The strategy allows for a complex use of multiple properties to combine interests of the public sector, multiple transportation agencies and private sector interests.
RESGroup conducted market and financial analysis to assist in the creation of a development and operating budget for the arena that showed the cost to complete hypothetical land acquisition to gain control for the relocation of MSG to a location across 7th Avenue from the current site, complete the expansion and renovation of Penn Station, and build the new urban park, which will act as a focal point for the revitalization and reinvestment in the area surrounding the station.
