Fulton Transit Center Facing Major Financial Issues
The Fulton Transit Center which is known as the centerpiece for Lower Manhattan’s revival from 9/11 continues to face major financial issues. During a MTA meeting, board member Nancy Shevell said the agency would require serious “soul searching” if it wanted to keep the estimated $888 million dollar work tab from expanding out of control. Patrick Arden of Metro wrote a brief article about the situation:
MIDTOWN. Hailed as a centerpiece of Lower Manhattan’s revival after 9/11, the Fulton Street Transit Center has seen its price tag jump $138 million since 2004.
At an MTA meeting this week, board member Nancy Shevell warned some serious “soul-searching” would be required to keep the estimated $888 million tab from growing.
That cost is already $41 million higher than the federal funds allotted for the project. Working against rising real estate prices, historic preservation laws and strict demolition procedures mandated for buildings around Ground Zero, the MTA’s chief of capital construction, Mysore Nagaraja, has whittled away at the station’s size, most notably in the glass dome once meant to bring sunlight to subway platforms. A proposal to do away with one passageway connecting the R/W to the E was defeated by board members almost a year ago.
Shevell said tough choices will be discussed at the next construction meeting in January, but she would not be specific. In the East Side Access project, Nagaraja faced a lack of bidders. “The market is still very tight right now, ” he said of a contract that was 8.5 percent higher than expected.
Relief
When it’s complete in late 2009, the Fulton Street Transit Center will ease connections among the
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subway lines.
Lets just say the MTA is in a huge pickle with this one. The project as noted is already $41 million dollars over the federal funds alloted for the project. Now mix in the fact that the construction is so far along, it isn’t something that can be abandoned or severely altered & you can see what kind of jam the MTA is in. Lets hope they fix this as this project has a lot of positives going for it.
xoxo Transit Blogger
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