Posted Jan 15, 2025, 1:14 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,206
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https://www.amny.com/news/feds-midto...inal-makeover/
Feds support Midtown Bus Terminal makeover with $1.89 billion loan
By Barbara Russo-Lennon
January 14, 2025
Quote:
The Port Authority’s Midtown Bus Terminal is continuing its transformation journey, now with some major help from the federal government.
The U.S. Department of Transportation (DOT) announced on Tuesday that it has loaned the Port Authority of New York and New Jersey $1.89 billion to revamp and modernize the interstate agency’s bus terminal in Midtown, Manhattan. The loan will help fund the construction of bus storage, staging facilities, new ramps accessing the nearby Lincoln Tunnel and a 3.5-acre green space.
The announcement comes after the Port Authority received final and complete federal and city approval to proceed with the transformation project on Dec. 4, 2024. Construction will begin this year, Port Authority officials said.
The renovation projects are part of the first phase of the $10 billion plan for a new, 2-million-square-foot space for the 74-year-old bus hub. Port Authority capital is also funding the makeover, as future phases will also use revenue from future commercial development rights including NYC PILOT contributions.
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The loan was listed here with some other NY projects seeking a loan, including 175 Park Avenue.
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