The Port Authority of New York and New Jersey has received federal approval for a $1.9 billion loan from the U.S. Department of Transportation to fund the first phase of the Midtown Bus Terminal replacement project. The loan, provided through the Transportation Infrastructure Finance and Innovation Act (TIFIA), will support construction beginning this year on a new state-of-the-art facility in Manhattan.
According to Rick Cotton, executive director at Port Authority, this federal TIFIA loan approval is another testament to the widespread public and governmental support for replacing an outdated and disliked piece of infrastructure with a modernized facility that will serve as a centerpiece in Midtown.
The completed project will feature a two-million square-foot main terminal, along with separate storage and staging buildings connected by new ramps leading directly into and out of Lincoln Tunnel. The main terminal is expected to be finished by 2032.
