Across the country, states continue committing funds to begin long awaited projects. In New Jersey, a $190 million renovation effort to Newark Penn Station begins soon.
New Jersey has committed to a five-year, $190 million effort to restore and reinvigorate 90 year old Newark Penn Station. Northjersey.com reports that $30 million of repair work is getting underway immediately, with a first wave of projects including:
- restoring benches in the waiting room;
- improvements to platforms;
- replacing the lights with LEDs;
- bathroom renovations;
- platform door replacements;
- upgrades to HVAC and air-handling units;
- painting and tile work;
- washing of the station’s limestone exterior.
It is anticipated that additional, projects will get underway too. For example, the award of a $1.6 million contract for drainage and pavement repairs is expected soon. As Governor Phil Murphy said:
We are proud to announce a new beginning for this historic building, a process of reimagination and reinvigoration that will restore this station to its full grandeur….The future of Newark’s economy, like the economic future of our state, rides in so many ways on the rails that run through here and on the buses that enter and leave the station.
Competing For Public Projects Across The Country
As states continue to commit dollars for public projects, how ready are you to get to work? Let Colonial Surety Company help you build your capacity to compete and grow. As a leading, national provider of surety bonds, Colonial is arming contractors with fast, digital and direct access to surety bonds—and real time financial intel too. With a Colonial Partnership Account® contractors:
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Bigger Projects Anticipated
The work getting off the ground at Newark Penn Station is just the beginning of what is ultimately envisioned by NJ Transit as a $454 million renovation effort. Meanwhile, planning continues on a multi-billion dollar effort to replace the bridge between Newark Penn and New York Penn Station—and the related Gateway tunnel construction and repair effort. Ultimately, it is anticipated that federal funds will be allocated to support these massive infrastructure efforts.
2021 and beyond could turn out to be an unprecedented period of repairing, building—and reimagining all over the country. Where are you hoping to make your mark?
Pave the way now with a surety line of credit from Colonial Surety Company. It is quick and easy to pre-qualify.
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Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®. The entire process exemplifies Colonial’s commitment to busy contractors: simple, direct, and efficient, with value added services built right in.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products for a wide range of industries and professions. The Partnership Account® reflects a Colonial priority: innovating to provide value-added services to busy contractors. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA!