Port Authority reaches plan for George Washington Bridge Bus Terminal

October 02, 2008 09:25AM

After two years of negotiations with a private developer, the Port Authority of New York and New Jersey has worked out a deal to renovate the George Washington Bridge Bus Station in a plan that will quadruple the amount of retail space at the terminal. Despite recent uncertainty in obtaining financing for large-scale public projects, a joint venture of Acadia Real Estate Trust and P.A. Associates has agreed to preliminary terms calling for a 49-year lease on the station with a minimum rent of $53 million. The developer also made a commitment to spend $102 million on renovations, increasing the retail space from 30,000 square feet to 120,000 square feet. The Port Authority’s board will vote to approve the deal’s terms today.

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