Staubach wins Penn Bowl.

After a protracted wait, the Pennsylvania Station Redevelopment Corporation announced last week that Penn Station Ventures (PSV), a teaming of two development companies, will develop the new $788 million Farley-Penn Station facility. The Staubach Company and Fraport AC (Frankfurt Airport Services Group Worldwide) will work together as the PSV.

The partnership will develop the project and also serve as day-to-day operator when the station is up and running. Staubach will be the project's development manager, along with designing and executing the retail strategy.

"We are very proud to have the opportunity to manage this landmark project and to offer our groups combination of global and local expertise," said Roger Staubach, chairman and CEO of the Staubach Company and a member of the Pro Football Hall of Fame.

The executive board chairman of Fraport AG, Dr. Wilhelm Bender, was equally pleased with the announcement.

"We are very enthusiastic about this project and what it means for New York City and indeed the entire eastern seaboard. We believe that our team's strengths in retail and development management expertise are well suited for this project," said Bender.

Groundbreaking will take place this fall, with a completed project slated for completion in four years. The new complex will reside in the Farley Post Office facility, across Eighth Avenue.

In scale and grandeur, the new station will be markedly superior to the current complex located beneath Madison Square Garden. It is being promoted as a throwback to the grand days of the original Penn Station, complete with sweeping glass vistas and a dramatic use of space. It is backed by a trio of city, state and federal monies.

"We are delighed that the project is moving forward. This will bring back the grandeur of the late, great Penn Station," said Daniel Pisark, head of retail services for the 34th Street Partnership, a BID.

"It will certainly open up a whole new range of retail possibilities," said Pisark.