The Municipal Art Society, which is championing a campaign for a new Penn Station on the spot where Madison Square Garden now sits, released a report today detailing the myriad ways in which a new Penn would uplift?economically, in this case, not just looks-wise?the kinda shoddy, under-utilized area around it. The four starchitect-designed plans for a new Penn are mindboggling, but the realists continue to chime, "How will we pay for it?"
Well, besides government money, under a scheme MAS calls a "Penn Station Redevelopment and Revenue Capture District," we would charge companies building in the neighborhood?who might be lured, perhaps, by the 33 potential development sites pictured above?various taxes and fees that could total $1.3 billion. All number-crunchers should read the full report, but the upshot is that if a new Penn became a reality for the city, the whole area would be more appealing for hotel, residential, and commercial development; it would have higher density; it would command higher rents and higher sales prices. And all of that could go back into helping to fund the station.
· Unlocking Penn's Potential: Establishing a Penn Station Redevelopment and Revenue Capture District [full report via Scribd]
· Unlocking Penn's Potential [MAS]
· Four Plans For A New Penn Station Without MSG, Revealed! [Curbed]
· All Penn Station coverage [Curbed]