$9B for Port Authority bus terminal? Fuhgeddaboudit

Agency must come up with cheaper alternatives, board says

New York /
Mar.March 20, 2015 12:10 PM

Transit officials rejected a $9 billion proposal for a new Port Authority bus terminal on Thursday and demanded  cheaper alternatives.

The reconstruction plan was presented Thursday before the Port Authority of New York and New Jersey board, which tasked the agency with finding a solution to rebuild the dilapidated transportation hub. “Either we are going to build a 21st-century bus terminal or abandon our bus passengers to a Fourth World commuting experience,” Commissioner Kenneth Lipper said, according to the Associated Press.

The proposed facility would rise five stories and take up three and half city blocks — but the board’s commissioners determined the project’s price tag was too high. A building expert said the terminal would be extremely expensive to build because it must be constructed with the world’s heaviest structural steel. The cost proposed by the original study is up to ten times more than some earlier estimates.

Other options for an updated facility included placing a skyscraper at the facility’s north end, or moving the entire West. The agency then could sell development rights for two skyscrapers on Eight Avenue, the current site of the bus terminal. Port Authority Chairman John Degnan expressed frustration that the plan didn’t include a proposal involving a property transfer with a Manhattan developer, according to the AP.

“It would potentially facilitate the availability of a plot of land to help with the terminal,” Degnan said. “It needs to be considered. It got dropped.”[AP] –Kerry Barger


Related Articles

arrow_forward_ios
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)
Port Authority taps CBRE to manage WTC
Port Authority taps CBRE to manage WTC
Silverstein Properties’ Larry Silverstein and Brookfield’s Brian Kingston (Getty/Illustration by Kevin Rebong for The Real Deal)
Port Authority taps Silverstein, Brookfield to build 5WTC
Port Authority taps Silverstein, Brookfield to build 5WTC
Douglas Durst of the Durst Organization, Port Authority Executive Director Rick Cotton, and Conde Nast CEO Roger Lynch. (Getty)
Condé Nast isn’t paying rent at 1WTC amid lease dispute
Condé Nast isn’t paying rent at 1WTC amid lease dispute
The bus terminal was built in the 1950s and designed to serve one fourth of the riders it sees today. (Getty)
Port Authority to raze, replace “hell on earth” bus terminal
Port Authority to raze, replace “hell on earth” bus terminal
TRD's Erik Enguist and Port Authority's Rick Cotton
Port Authority, out $3B, has waterfront land to sell
Port Authority, out $3B, has waterfront land to sell
TRD's Erik Enguist and Port Authority's Rick Cotton
Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)
“Worst place on earth” may be buried underground
“Worst place on earth” may be buried underground
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)
Condé Nast wants out at 1WTC. Durst may not be OK with that
Condé Nast wants out at 1WTC. Durst may not be OK with that
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...