New tower could rise at Port Authority Bus Terminal after $10B redesign approval

Sale of the current site's air rights will pay for two-thirds of the cost of the new building

New York /
Oct.October 23, 2015 08:05 AM

One of the city’s most hated structures, the Port Authority Bus Terminal, could soon be a distant memory for beleaguered commuters who brave the long lines, traffic jams and numerous delays.

The Port Authority voted Thursday to hold an international competition to design a new terminal building, with the projected $7 to $10 billion costs largely covered by the construction of a new tower at the current Eighth Avenue site.

The new terminal building will occupy a site one block to the west of the existing terminal, which occupies 625 Eighth Avenue in Midtown. The bistate agency plans to sell the air rights at the current terminal, and estimates that a new tower with condos and commercial space would cover two-thirds of the $10 billion terminal cost, the New York Post reported. According to Property Shark, 625 Eighth Avenue holds 2.3 million square feet of air rights.

No further details of a tower at the existing bus terminal site were immediately made public Thursday, though Port Authority officials said a winning design for the new terminal will be selected by September 2016.

A Port Authority study earlier this year estimated a full-scale replacement project would take 15 years to complete. The current structure was completed in 1950 and is well past its capacity. By 2040, ridership is expected to jump another 51 percent. [NYP]Ariel Stulberg


Related Articles

arrow_forward_ios
Andrew Cuomo with the Port Authority Bus Terminal, Penn Station, and AirTrain JFK (Getty, ajay_suresh via Flickr, Ad Meskens/Wikimedia)
Three key Cuomo projects now on Kathy Hochul’s plate
Three key Cuomo projects now on Kathy Hochul’s plate
Port Authority Inks Deal to Bring $145M Cargo Hub to JFK (iStock)
Port Authority inks deal to bring $145M cargo hub to JFK
Port Authority inks deal to bring $145M cargo hub to JFK
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
arrow_forward_ios

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

Loading...