From an interview in the Commercial Observer with Port Authority of New York and New Jersey Executive Director Chris Ward:
What’s the latest with Moynihan Station? Will it ever get done?
We’ve made great progress on Phase I. We want to turn this into a transportation project to start, and not a real estate project. So we have negotiated with our joint venture partners and the federal government for the initiation of Phase I, which is about to kick off in probably late October. And with successful completion of Phase I, a demonstration of that project is going forward. We’ve had good communications with Washington on funding and partnership for Phase II.
But the mistakes with the early Moynihan Station was that it was overburdened with costs and complexity, and it was clear we had to break it down into manageable construction projects and build the transportation benefits over time and then realize the large-scale real estate development afterward.