The Port Authority of New York and New Jersey received a nearly $2 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) for its Midtown Bus Terminal Reconstruction project.
The $1.89 billion loan from the U.S. Department of Transportation’s Build America Bureau will help fund the construction of bus storage and staging facilities, new ramp access to the Lincoln Tunnel and 3.5 acres of publicly accessible open green space, officials said. Those activities are part of the first phase of a $10 billion plan for a new 2.1 million square foot main terminal.
“For decades, one of the busiest bus terminals in the world deteriorated and needed major upgrades and modernization,” Assistant Secretary for Transportation Policy Christopher Coes said. “With over 250,000 daily passengers and even higher demand predicted, this project is crucial to the region and the health of our economy, creating 6,000 construction jobs in the process.”
The new terminal will replace the existing 74-year-old terminal with a new facility to provide reliable and efficient bus service between New York and New Jersey. The terminal, which is already one of the world’s busiest bus terminals, serving 65 million annual passengers, would accommodate projected commuter growth between now and 2050, officials said.
“This federal loan for this vital, interstate transportation facility will enable the Port Authority to build a 21st century bus terminal that commuters from New Jersey and communities in New York City deserve and will rely on for decades to come,” Port Authority Chairman Kevin O’Toole said. “I thank our federal partners for their support for a project that will generate economic benefits for our entire region while improving the quality of life for commuters and the community where the terminal is located.”