US Army Corps of Engineers has granted approval to begin construction works for the Hudson River rail tunnel concession. Granted under section 404/10, the permit allows for construction of new double-track tunnel within the New Jersey Meadowlands and beneath the Hudson River. This permit is final regulatory approval needed for the implementation of the project.

The estimated investment cost for the project is US$12.30 billion. Out of which US$10.1 billion will be utilized for development of a new tunnel while US$2.20 billion will be used to refurbish the existing tunnel infrastructure between New York City and New Jersey.