Agreement To Support US$10-Billion Midtown Bus Terminal in Manhattan Announced

In March, New York Gov. Kathy Hochul, NYC Mayor Eric Adams and the Port Authority of New York and New Jersey (PANYNJ) announced a payment in lieu of taxes (PILOT) agreement to support the US$10-billion replacement and expansion of the 73-year-old Port Authority Bus Terminal in Midtown Manhattan. “Recognizing the importance and catalytic potential of the project,” the city has committed 40 years of tax revenue — expected to help the Port Authority raise US$2 billion, 20% of the project cost from three potential new commercial developments on three sites, according to Hochul’s office. Two of those projects would be situated atop the new terminal, and the third would be built at a nearby PANYNJ-owned site by the Port Authority and private developers. Designed to meet projected 2040-2050 commuter growth at the busiest bus terminal in the world, the new 2.1 million-ft² terminal design features an “iconic” entrance on West 41st Street and Eighth Avenue, 3.5 acres of publicly accessible open space, more street-level retail and a multistory atrium. The project is expected to create approximately 6,000 union construction jobs and will be built in phases with a temporary terminal and new ramps completed in 2028 and the new main terminal completed in 2032.