The project involves the expansion of the current James A. Farley Post Office building to link it to the current Penn Station. The $1-billion public/private effort involves 400,000 sf allocated for a new train station, 100,000 sf of retail space, 750,000 sf for private redevelopment and the possibility of up to a million sf of additional air-development rights. The US Postal Service revitalization will account for approximately 250,000 sf.

Calling the project "a gateway to the city," ESDC chair Charles A. Gargano says the developers' interest "confirms the need to create a new intermodal transportation facility. This project is the cornerstone for turning the area into a vibrant destination for people to work and shop."

A Request for Proposals where the developers will detail a mix of uses for the landmark two-block site, will be issued next month. The station is expected to be open by 2008.