A First Look at the PANYNJ’s Vision for the New Port Authority Bus Terminal
The redevelopment of the existing 73-year-old Midtown Port Authority Bus Terminal took a step forward towards becoming a reality, the New York Port Authority of New York & New Jersey (PANYNJ) announced the publication of the Federal Transit Administration (FTA) draft environmental impact statement for the proposed new Midtown terminal. The delivery of the long overdue world-class facility is designed to meet projected 2040-2050 commuter growth and to be net-zero emissions with included “visionary sustainability and resiliency measures” according to the recent press release by the PANYNJ. At an estimated cost of $10 billion, the 2.1 million-square-foot main terminal will enhance both the commuter experience and surrounding community; and feature a multi-story atrium and 3.5 acres of new public green space. Approximately “6,000 good-paying union construction jobs are expected to be created by the project. In addition to being well along in the application process of the federal Transportation Infrastructure and Innovation Act (TIFIA) to secure federal funding support, the PANYNJ is also in “ongoing discussions with the city of New York to use a financing vehicle associated with plans for commercial development above the new terminal via contribution in payments in lieu of taxes (PILOTs), similar to what was done successfully in the building of the Moynihan Train Hall in Penn Station.”