MPA Delivery Partners Selected for Hudson Tunnel Project, The Most Urgent Infrastructure Project in the U.S.
Parsons Corporation, in collaboration with Mace and Arcadis, has been selected as the delivery partner for the $16 billion Hudson Tunnel Project by the Gateway Development Commission. The project aims to enhance rail transit capacity, reliability, and resiliency on the Northeast Corridor, benefiting 800,000 daily passengers. With nearly $12 billion in federal funding, this project is a significant investment supported by the Infrastructure Investment and Jobs Act.
The selection of MPA Delivery Partners by the GDC for the Hudson Tunnel Project (HTP) represents a significant commitment to enhancing the infrastructure of the Northeast Corridor. This project is poised to have a substantial economic impact on the region due to the federal funding involved and the scale of the construction. The infrastructure improvements are expected to increase the capacity, reliability and resiliency of a critical transportation route, which could lead to increased productivity and economic growth in the long term.
Investors in Parsons Corporation may see this as a positive development, indicating the company's strong positioning for future infrastructure projects. The project's success could potentially lead to further government contracts and a solidified reputation in the industry. However, the complexity and scale of the HTP also introduce risks associated with large-scale construction, such as cost overruns and project delays , which could impact financial projections and stock performance.
The Hudson Tunnel Project carries significant implications for the transportation economy in one of the United States' most densely populated and economically vital regions. By improving the busiest section of the Northeast Corridor, the project aims to alleviate current bottlenecks and improve the flow of goods and people. This could lead to a reduction in travel time and operational costs for rail services, potentially stimulating further economic activity and increasing the attractiveness of the corridor for businesses and commuters alike.
From an economic perspective, the project is a strategic investment in public infrastructure that could yield high returns in terms of enhanced economic competitiveness and job creation during the construction phase. The infusion of federal funds, as part of the Infrastructure Investment and Jobs Act, underscores the national importance of the project and its anticipated role in bolstering economic resilience.
Environmental and urban planning considerations are central to the Hudson Tunnel Project. The initiative is expected to have positive environmental implications by promoting mass transit over individual car usage, potentially reducing carbon emissions and contributing to sustainability goals . Additionally, the focus on resilience, particularly in light of damage from Hurricane Sandy, indicates a proactive approach to climate change adaptation for critical infrastructure.
Urban planning benefits include the potential for urban revitalization and improved accessibility for communities in New York and New Jersey. However, there are also challenges to be navigated, such as construction impacts on local communities and the need for careful stakeholder engagement to ensure equitable outcomes. The project's success in these areas will be critical to its overall impact and legacy.
02/28/2024 - 04:05 PM
CHANTILLY, Va., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN), as part of the Mace-Parsons-Arcadis (MPA Delivery Partners) joint venture, announced today that the team has been selected by the Gateway Development Commission (GDC) as the delivery partner for the $16 billion Hudson Tunnel Project (HTP). Together, the firms will coordinate among all stakeholders, contractors, and consultants to ensure that the project satisfies GDC’s requirements.
The Hudson Tunnel Project will improve capacity, reliability, and resiliency of commuter and intercity rail transit on the busiest section of the Northeast Corridor, which serves 800,000 daily passengers from Washington, D.C. to New York, New Jersey, and New England. A milestone project supported by the bipartisan Infrastructure Investment and Jobs Act (IIJA), the project is slated to receive nearly $12 billion in federal funding, the largest investment in a mass transit project in modern history.
“The Hudson Tunnel Project is a critical, once-in-a-generation effort that will embody the excellence of our nation’s future infrastructure,” said Mark Fialkowski, president, North America Infrastructure for Parsons. “We look forward to partnering with the Gateway Development Commission on unlocking the full economic and societal potential of the Hudson Tunnel Project. As Parsons has done for 80 years, we’re ready to continue imagining and delivering the future of transportation in New York and New Jersey.”
Mace Group Deputy Chief Executive Officer, Jason Millett said, “We are honored to have been appointed by the GDC to play such a key a role on this historic program. We're inspired by their vision to revolutionize the rail transit experience for passengers on the Northeast Corridor, creating opportunities that will positively transform people's lives. From our experience bringing complex megaprojects to life around the world, we know the delivery partner model will provide the collaborative approach and certainty required for a program of this scale."
“The Gateway Hudson Tunnel will be a model of resilient infrastructure to futureproof safe and sustainable travel along the nation’s most economically vital corridor. Arcadis is proud to bring our extensive tunneling, rail, and transit expertise to support the Gateway Development Commission to facilitate the urgent delivery of this megaproject that will improve quality of life for communities that live and work in New York, New Jersey, and beyond.” said Greg Steele, Global President of Mobility at Arcadis.
The project includes construction of two, 4.5-mile-long tracks and tunneling, as well as repairing Amtrak’s existing North River Tunnel, which opened in 1910 and was damaged during Hurricane Sandy in 2012.
MPA Delivery Partners is a joint venture between Mace, Parsons, and Arcadis. The delivery partner model has an internationally proven track record for helping public agencies deliver large-scale infrastructure projects.
Parsons, managing party in the joint venture, brings rail and transit experts who have been connecting communities in New York and New Jersey for nearly 80 years and have paved the way for numerous rapid transit projects with a proven track record of quality and experience around the United States.
To learn more about Parsons’ rail and transit expertise, visit parsons.com/rail-transit/ .
About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.
About Mace
Mace is a global company of consultancy and construction experts. It provides consulting and construction services for many of the world’s most inspiring building and infrastructure projects and programs – from Olympic parks and iconic skyscrapers to state-of-the-art data centers, schools, hospitals and homes. The privately-owned company, headquartered in London, UK, has an annual turnover of £1.9b n. Over 30 years, its growth has been fueled by an adventurous spirit and the relentless pursuit of a better way. Today, the company employs over 7,000 people across four global hubs in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Mace is driven by its purpose to redefine the boundaries of ambition, and its vision of leading the way to a more connected, resilient and sustainable world. Find out more at www.macegroup.com .
About Arcadis
Arcadis is the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets. We are more than 36,000 architects, data analysts, designers, engineers, project planners, water management and sustainability experts, all driven by our passion for improving quality of life. As part of our commitment to accelerating a planet positive future, we work with our clients to make sustainable project choices, combining digital and human innovation, and embracing future-focused skills across the environment, energy and water, buildings, transport, and infrastructure sectors. We operate in over 30 countries, and in 2023 reported €5.0 billion in gross revenues. www.arcadis.com
Media Contact:Bernadette.Miller@parsons.com
Investor Relations Contact:Dave.Spille@parsons.com
What is the latest project Parsons Corporation (NYSE: PSN) is involved in?
Parsons Corporation, in partnership with Mace and Arcadis, has been selected as the delivery partner for the $16 billion Hudson Tunnel Project by the Gateway Development Commission.
How will the Hudson Tunnel Project benefit commuters?
The Hudson Tunnel Project aims to enhance rail transit capacity, reliability, and resiliency on the Northeast Corridor, benefiting 800,000 daily passengers.
How much federal funding is the Hudson Tunnel Project slated to receive?
The Hudson Tunnel Project is slated to receive nearly $12 billion in federal funding, making it the largest investment in a mass transit project in modern history.
Who are the key partners in the MPA Delivery Partners joint venture?
The MPA Delivery Partners joint venture consists of Mace, Parsons, and Arcadis.
What is the significance of the Infrastructure Investment and Jobs Act for the Hudson Tunnel Project?
The Infrastructure Investment and Jobs Act supports the Hudson Tunnel Project with significant funding, highlighting its importance in infrastructure development.
