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Windfall Secures Moynihan Station's Phase I, But Then What?

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With yesterday's news that Midtown's Moynihan Station train hub project is getting $83.3 million from the federal stimulus pot, today's question is...what exactly will $83.3 million do for a project that's supposed to cost around $1 billion? And a few different people have a few different answers. The Municipal Art Society, supporters of the station, explain that with the latest cash injection, Phase I of the project is good to go. That phase?to begin this year, with expected completion in 2015?will expand the underground 33rd Street passageway between Penn Station and the Farley Post Office, give Farley two new entrances, and add fancy new ventilation. But raining on the parade is the Observer, which reviews the dismal history of a project that is "always collapsing under its own ambition....Taken in isolation, this first phase does not seem a project worth the significant money being devoted to it." Burn! But if the project's second phase does happen, developers Related and Vornado, who once had grand plans for the area, say they're still interested. Anyone want to lay some odds?
· Green Light for Moynihan Station [MAS]
· Moynihan Bags $83M in Stimulus Change?So What? [NYO]
· Moynihan Station Rises from Grave, Gets $83.3 Million Handout [Curbed]