In December 2017, Amtrak awarded a contract to Penn Station Partners for improvements to the station and redevelopment of nearby property owned by the passenger railroad. The partnership is composed of Beatty Development Group and Cross Street Partners. In April, 2019, it was announced that development would encompass a transit-oriented hub of apartments, shops, offices, a hotel, and redevelopment of nearby property owned by the passenger railroad. Amtrak describes the plan as creating a premier regional transportation hub to accommodate passenger growth as the next generation of high-speed Acela Express trains start running along the Northeast Corridor in 2021. A spokesman for Penn Station Partners stated at a presentation of its tentative plans to the public on August 13, 2019, that they will seek city and state funding to help pay the total project cost. Included would be a new concourse and other station enhancements to accommodate the expected increase in passenger volume. Amtrak, for its part, has earmarked $90 million in federal funding for related improvements to the station and its tracks.