Posted Feb 3, 2024, 3:47 AM
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Join Date: Jul 2001
Location: Borough of Jersey
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https://commercialobserver.com/2024/...-retail-space/
Port Authority Bus Terminal Redevelopment to Add Office and Retail Space
$10B Project Could Start This Year, Although Funding Is Uncertain
BY MARK HALLUM
FEBRUARY 1, 2024
Quote:
Two office towers and an unknown amount of retail space will come with the redevelopment of Port Authority Bus Terminal.
Those two pieces of the plan were among the revelations at a Thursday press conference by the Port Authority of New York and New Jersey during which agency leaders outlined a $10 billion financing plan and renderings for the rebuild of the 73-year-old facility that it hopes to start this year.
It’s too early to tell how much office or retail space will be available to potential tenants, but Rick Cotton, the executive director of the Port Authority, told reporters that the agency is looking to markets far enough in the future to dodge the distress currently seen in the office market.
“The first buildings that are gonna get built are the station and storage building and the ramps. That’s the next four, four and a half years in front of us,” Cotton said. “The exact design in terms of the retail space, beverage space, and certainly the office buildings, are 10 years away.”
The main terminal will span 2.1 million square feet. Much of the retail space will face outward. and the permanent closure of West 41st Street between Eighth and Ninth avenues will provide more retail within an indoor atrium. A temporary terminal and new ramps are scheduled for completion in 2028 while demolition of the current building is underway.
The new main terminal will be completed in 2032, and crews could break ground before the end of 2024, according to the Port Authority.
The Port Authority plans to spend $10 billion on the rebuild with $1 billion coming from a Federal Transit Administration loan, which has not been granted at this time. An unknown amount of the funding will come from payment in lieu of taxes from whomever is chosen as a partner in the development of the office towers.
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