NYC announces funding agreement for $10-billion midtown bus terminal construction

0
1205

New York Construction Report staff writer

An agreement including the State, city and local port authority will help fund New York City’s Midtown Manhattan bus terminal’s $10 billion replacement, bringing the project closer to construction.

The city pledged 40 years of tax revenue toward the project—an estimated $2 billion—from three potential commercial developments on three sites, including two atop the bus terminal and one at a nearby site owned by the Port Authority and private owners

“For decades, New Yorkers have watched the Port Authority Bus Terminal deteriorate from the world-class facility it was in the 1950s to the stain it is on Midtown today,” said Mayor Adams. “The days of watching are over, and the days of acting are here. Our investment over the course of the coming years, and our partnership with the Port Authority, will help develop a new crown jewel for Midtown — a state-of-the-art bus terminal that will add acres of new public space and storefronts, decrease congestion in Hell’s Kitchen, and improve the commuter and community experience in and around the terminal for both New Yorkers and visitors to the greatest city in the world.”

The new Midtown Bus Terminal will replace the outdated structure with a state-of-the-art facility designed to accommodate projected commuter growth and provide an exceptional customer experience. Key features of the $10 billion project include a main terminal, storage and staging facilities, and new ramps for improved access.

Public officials and community leaders hailed the agreement as a significant milestone in the redevelopment of the Port Authority Bus Terminal, expressing optimism about the project’s potential to enhance transit infrastructure and improve the daily lives of New Yorkers.

“The replacement and expansion of New York City’s Midtown Bus Terminal is a necessary, large-scale project that will improve our major infrastructure and boost our economy, all while creating thousands of family sustaining union careers,” said Gary LaBarbera, president, Building and Construction Trades Council of Greater New York. “We applaud Mayor Adams and the Port Authority of New York and New Jersey for collaborating to fund this crucial development that will provide New Yorkers and our visitors with a fully modernized and world class transportation hub in the heart of Midtown.

“Our tradesmen and tradeswomen look forward to streamlining this project and pursuing the paths to the middle class that it creates for them and their communities.”

The Port Authority’s plan for the Midtown Bus Terminal replacement project reflects public feedback from extensive community outreach, including input from New York City, commuters, local community boards, neighborhood coalitions, and elected officials. The project will bring a wide array of community benefits, including:

  • Added capacity to allow curbside inter-city buses that currently pick up and drop off on city streets surrounding the bus terminal to move their operations inside the bus terminal and off the streets.
  • The creation of nearly 3.5 acres of publicly-accessible open space on Port Authority property on Dyler Avenue, restoring and improving connectivity for pedestrians and the community.
  • New street-facing concessions and retail amenities for the community, as well as concessions and retail inside the bus terminal.
  • The construction of significantly improved and attractive facades, enhancing the visual quality of the new bus terminal to become an asset rather than an eyesore to the surrounding neighborhoods. This design includes an iconic atrium entrance on West 41st Street and Eighth Avenue.

“I am pleased that the Port Authority and the city have reached a deal on the PILOTs for the rehabilitation of the PABT,” said U.S. Representative Jerrold Nadler. “This is good news for the economic development of the city and my Hell’s Kitchen constituents.

“The new bus terminal will improve air quality and make our streets safer for pedestrians by removing all commuter and inter-city buses from our streets. And finally, it will replace the eyesore of an outdated and deteriorating bus terminal with a modern, efficient transportation hub.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.