But under the new Amtrak proposal, the plan calls for the development of Moynihan Station, a $267 million project that will create a new intercity train hall for Amtrak within the Farley Post Office Building across from the existing Pennsylvania Station in Midtown Manhattan. In addition, a new high-speed rail station would be developed at Market East in Center City Philadelphia, which is more central and close to the convention center and the Downtown area, as opposed to the 30th Street Station, which is further away from office buildings, cultural institutions and other attractions.

Todorovich says the addition of the new station can help transform an area like Philadelphia – which is primarily known for education and medical facilities – into more of a class A office destination. “By having their station at Market East, you make that area much more attractive for developing office buildings, and that’s an area where landowners have had office buildings or pedestals or pads for a long time and not have developed them into towers because the demand is just not there. When marketing becomes a 37 minute trip from New York’s future Moynihan Station, it becomes much more attractive. And you can look at other cities in the corridor, like Baltimore, in particular, where the prospect of those faster connections, even Wilmington.”

Another major ongoing effort is a $450 million project funded by the FRA to improve service along a 24-mile section of the Northeast Corridor between Trenton and New Brunswick, NJ. Further north in Connecticut, Amtrak is nearing the completion of a $140 million project to replace the 104-year old movable Niantic River Bridge in East Lyme, CT to improve access to transit for New England residents.

The new proposal comes at a time when growth in the Northeast region is only expected to expand. According to the report, roughly 15 million additional residents will live in the Northeast by the year 2050, from approximately 50 million to 65 million residents, a 30% increase. And despite the fact that economic growth is projected at a 1.8% annual growth rate over the next 40 years, the Northeast Corridor, according to Amtrak, is “operating at or near capacity” and frequently experiences congestion and delays. The study also forecasts a 25% increase in ridership and revenue over 2010 projections—furthering the need for new rail service.

At the same time, opportunity for new revenue remains strong. Todorovich says the proposal has the potential to generate $4.9 billion in annual revenues by 2040, and creates more opportunity for real estate development to spring up around the transit hubs. “One of the things that makes the Northeast Corridor so attractive for investment is that it is a proven market,” she says. “We have such an incredible amount of population density and concentrated employment around the Northeast Corridor that none of the international experts have any doubt that this is a very strong market for high-speed rail service. It is just a question of funding and the political will to make it happen.”

Just two weeks ago, Congress passed a transportation bill –also known as MAP-21- which reauthorizes the federal aid highway program, eliminates earmarks, strengthens the Transportation Infrastructure Finance and Innovation Program (TIFIA) to leverage federal dollars further. But despite political hand-clapping by Republicans and Democrats, high-speed rail didn’t get a title.

However, Todorovich says the bill is not an immediate concern because planners and policy makers are already looking toward the future. “People focused on policy are looking toward the next surface transportation bill, which would be in 2014 and getting a rail title in that bill, and specifically getting some policies that specifically lay out the need for investment in the Northeast corridor and the role of Amtrak in leading that investment,” she says. “We understand that there will be multiple bills in Congress before high-speed rail is built in the Northeast Corridor. This is a very long term planning effort.”