CSX Directs $160 Million to National Gateway Posted 05.18.2011
The Journal of Commerce (Online)
By Joseph Bonney
CSX Transportation said it will invest an additional $160 million over the next several years to complete the National Gateway between the mid-Atlantic and Midwest.
Most of the money will be used to expand and improve the century-old Virginia Avenue Tunnel in Washington, D.C., and provide stacktrain clearances in Maryland, West Virginia and the District of Columbia.
The National Gateway is a public-private partnership will clear 61 obstructions and build or expand six intermodal facilities along CSX's network in North Carolina, Virginia, Maryland, West Virginia, Pennsylvania, Ohio and the District of Columbia. It will provide stacktrain service to ports in Baltimore, Virginia and Wilmington, Del.
The project will cost a total of $850 million. State and federal governments are providing $280 million.
CSX’s announcement of the National Gateway funding came as CEO Michael Ward told an investor conference that the railroad is targeting double-digit growth in operating income and earnings share through 2015, driven by growth in intermodal and coal traffic.
CSX adds $160 million to National Gateway project Posted 05.18.2011
The Associated Press (Online)
Railroad operator CSX Corp. said on Wednesday that it will spend another $160 million on the National Gateway, a rail upgrade project that will allow it to run trains with double-stacked cars to run from the East Coast to the Midwest.
The new money brings CSX's spending plans for the project to $575 million over several years. State and federal aid is expected to bring total spending on the project ...
CSX pledges $160m more to expand Virginia Ave. tunnel Posted 05.18.2011
The Washington Examiner (DC)
By Kytja Weir
A century-old train tunnel in the District will be upgraded, after railroad company CSX pledged $160 million on Wednesday to help ease a major bottleneck that currently limits cargo passing through the Washington region.
The money means that the freight shipper can start a long-sought process to expand the Virginia Avenue Tunnel that runs from Second Street to 11th Street just below the Capitol in Southeast. The project ...
CSX Funding the Virginia Avenue Tunnel, NEPA Process to Begin Posted 05.18.2011
CSX announced today that it will be investing $160 million of its own monies in its National Gateway project, with most of that money going toward the funding of the expansion of the Virginia Avenue Tunnel, the 107-year-old structure that runs beneath Virginia Avenue from 2nd Street SE to 12th Street SE. With this decision, the company will start moving toward design and construction of the project, first by going through the NEPA ...