G.W. Bridge Bus Station gets three retailers for renovation

November 07, 2011 08:41AM

From left: A rendering of the new George Washington Bridge Bus Station and the current structure
Three retailers have deals for space within the soon-to-be-renovated George Washington Bridge Bus Station, helping to ensure the $183 million project will be a success.

According to the Wall Street Journal, the Port Authority of New York & New Jersey’s partner in the plan, SJM Partners, has deals with discount retailer Marshalls, supermarket Fine Fare and a new gym chain called Blink Fitness. The trio plan to take about half of the 105,000 square feet of retail available when the renovation is complete in the summer of 2013. Construction is beginning this winter.

The Journal said the three deals are a big step for the new station, especially considering the tough economic climate and the less-than-prime area. That said the Upper Manhattan location, between West 178th and 179th streets at Fort Washington Avenue, is surrounded by a community that’s undergoing a rebirth. Retail brokers say the neighborhood’s residents do have some spending power, and disposable income.

SJM Partners hopes to get rents between $175 and $200 per square-foot for the prime ground floor areas in the facility and $60 per square-foot for smaller, interior locations. [WSJ]