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The Transbay Joint Powers Authority (TJPA) recently closed on a $171 million federal Transportation Infrastructure Finance and Innovation Act loan for the $4.2 billion Transbay Transit Center project.
 
The loan will fund 14 percent of the project’s $1.2 billion first-phase costs. The San Francisco center will be funded through local, state and federal funding sources. TJPA has applied for $400 million in federal stimulus funds to construct the center’s below-grade train levels.

To be completed by 2014, the multi-modal facility will replace the current Transbay Terminal that was built in 1939. The project also calls for extending a Caltrain commuter-rail line 1.3 miles into the heart of the city’s Financial District, and redeveloping the surrounding area with 2,600 new homes, parks and a retail main street.

TJPA broke ground on a temporary terminal in December 2008; demolition of a bus terminal is scheduled to begin in spring.