Midtown Bus Terminal Replacement Scores $1.9B Federal Loan
The Port Authority of New York and New Jersey received federal approval of a $1.9-billion loan through the U.S. Department of Transportation toward constructing the first phase of the Midtown Bus Terminal replacement project. The Transportation Infrastructure Finance and Innovation Act (TIFIA) loan will support funding of the first phase of the $10-billion bus terminal replacement project, with construction to begin this year.
“The approval of a federal TIFIA loan for this phase of our bus terminal replacement project further demonstrates the unprecedented public and governmental support at every level for our plan to replace a reviled and obsolete piece of infrastructure with a new, state-of-the-art facility that sits in the heart of Manhattan,” said Port Authority executive director Rick Cotton.
When complete, the project will include a new two-million square-foot main terminal, a separate storage and staging building and new ramps leading directly into and out of the Lincoln Tunnel. The new main terminal is slated for completion in 2032.
