Governor Kathy Hochul, New York City Mayor Eric Adams, and the Port Authority of New York and New Jersey (PANYNJ) to fund a $10 billion project to replace and expand the Port Authority’s bus terminal in midtown Manhattan. agreed to cooperate. The city agreed to allocate 40 years of tax revenue from three new commercial developments to fund the Foster & Partners-designed project. This tax allocation is expected to generate approximately $2 billion and cover approximately 20% of the project’s projected total construction cost of $10 billion.
Plans include construction of a new main terminal, storage and transfer facility buildings, and a new direct ramp to the Lincoln Tunnel. When completed, the facility will replace an existing 74-year-old, 2.1 million square foot building located across two blocks between West 40th and West 42nd Streets and Eighth and Ninth Avenues. It will be.
Existing Port Authority Bus Terminal, provided by Port Authority of New York and New Jersey
The project is expected to create 6,000 union jobs and is targeted for completion in stages, with the temporary terminal and new ramp expected to be completed by 2028 and the main terminal by 2032. There is. The aim is to improve bus terminal operations through the cooperation of a wide range of local residents. Improve the quality of life in the area by introducing open public spaces and improved retail options.
“This groundbreaking agreement marks a pivotal moment for our city and the Port Authority,” said New York City Councilman Eric Bottcher. “Our commitment to replace an aging bus terminal is more than just an investment in infrastructure; it affirms our dedication to improving the daily commute for thousands of New Yorkers. It is a testament to what we can achieve when we prioritize the needs of our communities and work together to build a more connected and accessible city. The Adams Administration’s commitment to this important project. I would like to thank my elected colleagues, the Port Authority, and Community Board 4 for their partnership in this important investment for New York City’s future.”
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