Port Authority Bus Terminal Revamp to Break Ground Early 2025

The Port Authority of New York & New Jersey (PANYNJ) received city council approvals on November 21 for the bi-state agency’s planned $10 billion redevelopment to the 70-year-old Port Authority Bus Terminal on Manhattan’s west side. The long-deferred project that will transform the aging bus terminal into a modern travel and retail hub will begin construction early next year following the unanimous green light by the city council. The project to be constructed in phases is expected to take 10 years to complete, with the PANYNJ financing $3 billion for the first phase along with an expected $1 billion federal loan that the PANYNJ is hoping to secure approvals for in the coming weeks, but if it doesn’t pan out, “some very hard decisions” about the bus terminal’s rebuild will have to be made. The majority of the remaining $6 billion to finance the second phase of the project will come from the Port Authority’s coffers and “a risky bet on the recovery of the real estate market with financing generated by the anticipated construction of three new towers on Port Authority land.” Temporarily, the just-built storage facility will serve as the bus terminal during the construction on the main building. As part of the plan, a roughly 3.5-acre public green space will be created by decking over the currently below-street level Dyer Avenue cut and building open space atop. Currently the terminal serves approximately 65 million commuters annually, a volume that the PANYNJ projects to increase 50% by 2040 — particularly with the expected launch of congestion pricing.

Source:    https://www.crainsnewyork.com/transportation/new-renderings-port-authority-bus-terminal-revamp