(Bloomberg) -- The Port Authority of New York and New Jersey finally secured the green light to start its $10 billion replacement and expansion of the world’s busiest bus terminal.
The Federal Transit Administration announced the approval Wednesday following a federally mandated environmental review of the Midtown Manhattan bus terminal replacement. The project construction is slated to start early next year starting with the deck-overs above Dyer Avenue, according to a statement.
“We now have in hand all the needed permits to move forward with replacing the agency’s long-outdated bus terminal and enduring eyesore in the middle of Manhattan with the world-class transportation gateway this region has long deserved,” said Port Authority Executive Director Rick Cotton, in the statement.
The new midtown bus terminal will replace the existing over 70-year-old facility, and will include a new 2.1 million square-foot main terminal, a separate storage and staging building, and new ramps leading in and out of the Lincoln Tunnel. The revamp also entails the permanent closure of a portion of 41st Street between Eighth and Ninth avenues, a central main entrance, more street-facing retail, a soaring multi-story indoor atrium and new public open space.
Funding for the project is comprised of Port Authority capital funds and federal aid. Earlier this year, New York officials announced the city will commit 40 years of future tax revenue, which totals as much as $2 billion, from three potential new commercial developments to help support the cost of the project.
A temporary terminal with new ramps is set to be completed in 2028, with the main overhaul finished in 2032.
©2024 Bloomberg L.P.