Penn Station Project Moving Forward (BBJ Story)
Amtrak officials said Thursday they consider the redevelopment of Baltimore's Penn Station to be "critical" and will continue to move forward on the project even as the railroad company suffers a major financial hit due to Covid-19. Chairman Anthony Coscia said during a teleconference that Amtrak will likely lose $700 million in adjusted operating earnings due to the pandemic, and it's possible the losses could be greater. Ridership has fallen 95% and Amtrak has temporarily suspended several of its routes while modifying others to deal with reduced demand.
Prior to the onset of pandemic, Amtrak had been on track to break even for the first time ever. Despite the grim outlook, Amtrak executive Stephen Garden said the government-owned company will continue to move ahead on the long-planned redevelopment of Baltimore's historic train station even as it makes even as it makes adjustments and reduces expenses. The redevelopment of historic Penn Station has been in the works for years. Penn Station Partners, a master development team selected by Amtrak to manage the project, plan to convert the site into a hub in the Station North and Mount Vernon communities. Penn Station is the eighth busiest station in the Amtrak system.