The U.S. Department of Transportation has approved a $1.9 billion loan for the Port Authority of New York and New Jersey, which will go towards the first phase of the Midtown Bus Terminal replacement project. The total cost for this project is estimated at $10 billion, with construction set to begin later this year.
According to Rick Cotton, executive director of the Port Authority, this federal TIFIA loan approval highlights widespread support from both public and government entities for their plan to replace an outdated piece of infrastructure in Manhattan with a modern facility.
Once completed in 2032, the new bus terminal will feature a two-million square-foot main building as well as a separate storage and staging structure. Additionally, new ramps directly connected to the Lincoln Tunnel will be constructed as part of this project.
