Objective: To characterize the evolution in functions of passenger transport hubs and to identify their types. To determine the specificities of investment projects for passenger transport hub development. To clarify and classify risks appeared in the projects of passenger transport hub development and to propose mechanism of their distribution amongst projects' participants. Methods: Review and analysis of scientific literature on the development of passenger transport hubs. Comparative analysis of the functionality and features of transport hubs in different countries and cities, systematization of their types. Systematization of risks in passenger transport hub development projects and their classification. Results: It is proved that the development of passenger transport hubs is a necessary condition for urban transport systems effective functioning. The types of passenger transport hubs, operating in large cities, are systemized. The identification of risks arising in the projects of passenger transport hubs development has been carried out, and the features of such projects have been outlined. The mechanism of risk distribution amongst the participants of investment projects for transport passenger hub development is proposed. Practical importance: The necessity of identification and assessment of risks in investment projects of passenger hub development is shown. It’s justified holding measures in the field of risks prevention and assessment. The results obtained may be of interest for governmental agencies as well as private partners financing projects on passenger transport hub development.