The announcement follows years of campaigning for better rail connections, as well as setbacks, with the city often seen as having missed out on major transport investment.
They include a previous plan to build a new through station on the site of St James’ Market off Wakefield Road, which has now been scrapped.
Place said his administration had been pushing for the Bradford Interchange project since taking control of the council in May and also acknowledged the work done by the previous administration.
“We’re not solely responsible for it. Of course not. It’s been going on for quite a while,” he said.
“I’m absolutely delighted that this has been announced on our watch.”
He said the new station could help boost Bradford’s economy and create more opportunities for young people.
“We’re here trying to drive it, push it forward, make it bigger, better for young people in Bradford coming forward,” he said.
“And so we need connectivity and we need to be able to get in and out of the city in a modern way.”
While the government confirmed plans for the new station, the long-standing ambition for a “through station”, allowing trains to travel across the city rather than reversing out, has not yet been settled.
Place urged the government to make a quick decision on the issue, adding it would be the “icing on the cake” of the rail announcement.