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Staubach/Fraport Chosen for $788-Mil Penn Project

NEW YORK CITY-The Penn Station Redevelopment Corp. has selected a joint venture between the Staubach Co. and Frankfurt Airport Services Worldwide to develop, maintain and operate the new Farley-Penn Station.

By Amy Vaughn | Updated on March 16, 2001

NEW YORK CITY-On Friday, May 26, 2000 the Penn Station Redevelopment Corp. voted to shortlist Jones Lang LaSalle/Turner Construction Co., LCOR Inc./Tishman Urban Development and Staubach Co./Bovis Lend Lease/Frankfurt Airport Group. Late yesterday, Thursday, March 15, 2001, the PSRC officially named Staubach/Fraport the developer for the $788 million construction project that will create a new Penn Station. Construction is scheduled to begin in the fourth quarter of this year.

The shortlist announced ten months ago was the result of a review process by city, state, federal, Amtrak and US Postal Service officials looking at seven submissions of qualifications received in February 2000. The RFPs went out to the three shortlist choices within weeks of the announcement and submissions came in over the summer of 2000. With the name of the winner of the final round of evaluations in, negotiations can begin for the details of the 35-year master lease agreement, a development agreement and an operating agreement.

Staubach will serve as development manager and will design and execute the retail portion of the new station. Fraport will function as transportation operator and innovator. The partnership will oversee the day-to-day operations of the facility upon completion of the project. Skidmore, Owings & Merrill and Ove Arup and partners have already completed the design of the Farley-Penn, which were officially presented to the public on May 19, 1999 by former President Bill Clinton, Governor George Pataki and former Senator Daniel Patrick Moynihan.

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