Project Location: New York City, New York
Public Sector Partner: Metropolitan Transit Authority
Private Sector Partner: Jones Lang LaSalle
Williams Jackson Ewing, Inc.
- In 1988, the Metropolitan Transit Authority (MTA) undertook a study of Grand Central Terminal to develop a Master Plan for the redevelopment of the retail component to improve the service to transportation users, upgrade the quality of the merchandising, increase the amount of retail space compatible with transportation users and maximize income in order to help pay for the redevelopment and restoration of the historically sensitive aspects of the building.
- Based on the subsequent plan developed and approved by the Board of the MTA, in 1993 the MTA selected a joint venture of Jones Lang LaSalle and Williams Jackson Ewing to undertake the retail redevelopment of the terminal. Work commenced in April 1994.
- We finalized a plan for the retail redevelopment and gained approval from all governmental agencies and organizations, including the Landmarks Preservation Commission and the State Historic Preservation Office.
- We determined the most favorable method of financing to be Owner funds along with bonds issued by the MTA.
- Jones Lang LaSalle was awarded an additional $65 million restoration and utility project due to our ability to save money and achieve schedule. Construction for this work commenced in January, 1996 at a $7 million savings due to efficiencies of combining projects. An additional $5 million in savings was achieved due to elimination of claims and delays due to multiple prime contractors and subcontractors working in the same high traffic public spaces.
- We oversaw the design, restoration, redevelopment, lease-up and management of the station. The restoration work included cleaning and/or replacement of intricate architectural detailing and new installations compatible with the original architecture.
- Construction of this $259 million, 860,000 s.f. historic restoration and revitalization project took place from April 1994 through the third quarter of 1998. Throughout the course of this massive, high-profile renovation project, the development team accommodated ongoing railroad operations and 500,000 pedestrians per day.
- Most importantly, Grand Central Terminal has been restored to its rightful status as the greatest train station in the world and one of the greatest public spaces in New York.