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Feds give Port Authority $1.9B loan for new Midtown Bus Terminal as Biden leaves office
By
Liam Quigley
Published Jan 14, 2025
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Foster + Partners & Epstein
By
Liam Quigley
Published Jan 14, 2025
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The federal government on Tuesday issued the Port Authority a major loan that allows work to proceed on the planned replacement of the decrepit Midtown Bus Terminal, less than a week before the end of President Joe Biden’s term.
The loan sends roughly $1.9 billion to the agency. Since the presidential election in November, Port Authority officials have raced to secure the money, fearing President-elect Donald Trump would nix it after taking office.
Along with $3 billion approved through the Port Authority’s 10-year construction plan, the loan covers about half of the new bus terminal’s $10 billion expected price tag.
Officials plan to replace the shabby old bus terminal built in 1950 with a new, light-filled space that can handle more riders. They hope to open the 2-million-square-foot facility to the public in 2032.
“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 in a statement.
Port Authority officials still need to figure out how to cover the project’s full cost, but say the loan enables them to begin construction this year.
Tagged
midtown
new york city
manhattan
port authority
economy
transportation
Liam Quigley
Liam Quigley is a reporter covering parks & sanitation for Gothamist and WNYC. Got a tip? Email [email protected]
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