NEW YORK (CBSNewYork) — Officials are expected to unveil the second phase of the Moynihan Station plan by the Metropolitan Transportation Council on Thursday.

The multi-phase project will transform the landmark Farley Post Office building into a new Manhattan home for Amtrak.

More On The Penn Station-Moynihan Trail Hall Project

Gov. Andrew Cuomo has said the new train hall will have more space than Grand Central’s main concourse and will accommodate both the LIRR and Amtrak ticketing and waiting areas. There will also be plenty of retail and dining options.

Plans include connecting the historic building on Eighth Avenue to neighboring Penn Station.

The Farley Building renovation will cost around $1.6 billion, Cuomo said. In 2016 the state projected the overall project including Penn Station overhaul will cost a total of around $3 billion. Private developers are expected to pay a sizeable amount of the total in exchange for commercial rights.

Thursday’s presentation is expected to address the future of Moynihan Station, named after former New York senator Daniel Patrick Moynihan.

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