If the Gateway Project ever gets off the ground (and under the river), proponents estimate it will double rail transit capacity between New Jersey and New York. Coscia, a partner at Windels Marx Lane & Mittendorf with a focus on corporate litigation and transactional law, is the chairman of Amtrak and one of three trustees of the Gateway Development Program Corp.
In a year that Amtrak was on a path to achieve operational breakeven for fiscal year 2020, COVID-19 struck and caused ridership to plummet. The rail service posted a fiscal-year 2020 operating loss of $801 million on total operating revenue of $2.3 billion, down 32% compared with 2019.
But Coscia has been a power player in the region’s – and the nation’s – transportation system since becoming chairman in 2013. Most immediately, Coscia helped the railroad pivot to ensure riders and employees remained healthy, while also continuing to focus on improving intercity passenger rail for the future. “We are continuing to make advancements so when customers return, they will find an even better Amtrak,” he said.
Based on the current forecast, ridership and revenue is expected to improve to about 37% of pre-COVID levels by the end of 2021, Amtrak officials said.
With the January announcement of the finalization of the Full Funding Grant Agreement with the Federal Transit Administration to construct a new Portal North Bridge, $766.5 million dollars in federal funding will be available for the Portal North Bridge. And Coscia is dreaming of more as he said in a recent nj.com interview that “there’s no reason why we can’t see a full-funding grant agreement over the course of 2021.”
The new Portal North Bridge, a $1.8 billion project, according to Coscia is the country’s most important infrastructure projects. “Tony Coscia is the midpoint between Biden, Buttegieg, Murphy, Cuomo and Schumer,” said one insider. “He’ll be overseeing the most expensive public works project of the next four years. And that’s his volunteer job.
He also runs an important law firm.” Indeed, Coscia is no slacker, he also chairs its audits and finance committee. In addition, Coscia serves as chairman at SUEZ North America, Inc. and is on the board of OceanFirst Financial Corp., Georgetown University and New Jersey Community Development Corp. and is a member of Gov. Murphy’s COVID-19 Restart and Recovery Commission.
