Retail, Offices Planned in Port Authority Terminal Overhaul
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In a construction project that could reinvent what is widely considered a city eye sore, the Port Authority Bus Terminal is set to undergo a massive development project, officials announced today.
The plan, which will be privately funded by a joint venture between Vornado Realty Trust and Ruben Companies, includes the construction of an office tower above the north terminal of the bus station and the renovation and creation of 60,000 square feet of modern retail space.
“This innovative solution secures the transportation dollars we desperately need to enhance the nearly 60-year-old bus terminal,” Governor Spitzer said today at a press conference held to unveil the project.
The developers, whose venture is called 20 X Square Associates, LLC, have purchased the air rights above the north terminal from the Port Authority of New York and New Jersey in order to construct 1.3 million square feet of premium office space.
The Port Authority will receive over $500 million in rental payments for the air rights, which the developers have leased for a term of 99 years, officials said.
Construction will likely begin in two years and the developers hope to complete the project by 2013, the chairman and CEO of Vornado, Steve Roth, said.
Along with upgrading the terminals bus facilities, the plan calls for the construction of a new bus-parking garage that will reduce traffic congestion and noise around the terminal, officials said.
The developers have not decided on architectural details for the project. “There is a tremendous amount of design to do,” Mr. Roth said.