Project plan

Empire State Development Board approves plan for Penn Station expansion project

NEW YORK — The Penn Station expansion project is moving forward.

The Empire State Development Board approved the plan that would transform Penn Station and redevelop the area around it.

Earlier this week, Governor Kathy Hochul and Mayor Eric Adams announced a funding agreement for the $8 billion project. It foresees the construction of 10 towers, creating new commercial and residential buildings around the station.

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The plan will provide about $1.2 billion in tax relief to developers.

“This project not only has great benefits for New York City, but certainly for the entire metro area, so it’s very exciting,” said Kevin Law, president of Empire State Development.

The plan has its detractors, however.

Reinvent Albany, a government watchdog group, opposes the deal for what it calls a lack of transparency. The group is asking the Public Authorities Control Council not to approve the deal when it meets next Wednesday.