Long Awaited Redevelopment of Port Authority Bus Terminal Breaks Ground
On Thursday, May 29th, New York Gov. Hochul, New Jersey Gov. Phil Murphy, and the Port Authority of New York and New Jersey (PANYNJ) broke ground on the Dyer Avenue deck-overs, launching the first phase of the long-deferred start of the major $10 billion redevelopment of the Port Authority Bus Terminal on Manhattan’s westside. Staging of the buses during construction will temporarily utilize the deck-overs that will ultimately be transformed into 3.5 acres of new publicly accessible open green space upon completed construction of the bus terminal. The transformation of the 75-year-old terminal that opened in 1950 and has become the “world’s busiest bus terminal” will deliver a world-class facility that will enhance the experience of the “hundreds of thousands” of commuters that traverse it daily. The new terminal designed to be net-zero emissions and meet projected 2040-50 commuter growth, will accommodate all-electric bus fleets and implement modern high technology innovations. Other design features such as providing a direct connection to the Lincoln Tunnel, with added queue space and bypass capability, will help reduce congestion. Approximately 6,000 “good-paying union construction jobs” are expected to be created by the project that will be completed in phases spanning approximately 10 years. Press announcements in November indicated that the PANYNJ is financing $3 billion for the first phase along with a $1.9 billion federal loan awarded in Mid-January through the U.S Department of Transportation. 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.”
Source: https://portauthoritybuilds.com/redevelopment/us/en/mbt.html