In 1994, the Metropolitan Transportation Authority gained long-term control of Grand Central Terminal in the form of a 110-year lease from American Premier Underwriters, Inc., successor to the Penn Central Corporation.  This enabled the MTA to enter into an agreement with GCT Venture, Inc., a partnership of developers LaSalle Partners Incorporated and Williams Jackson Ewing, to implement a comprehensive revitalization plan based on the Master Plan for Grand Central Terminal.  Construction began in 1996 with the cleaning of the Main Concourse Sky Ceiling.  As restoration and renovation continued, the project generated more than 2,000 construction and construction related jobs throughout New York State.

The revitalization project culminated with a gala Rededication Celebration of Grand Central Terminal on October 1, 1998.  This event garnered both national and international media attention, and marked the beginning of a new chapter of this venerable New York City landmark.