Federal Loan Supports Midtown Bus Terminal Replacement

The U.S. Department of Transportation has approved a $1.89 billion loan to the Port Authority of New York and New Jersey to help finance the $10 billion replacement of the aging Midtown Bus Terminal in Manhattan. This federal funding, secured just before President Joe Biden leaves office, will enable the commencement of the first phase of construction this year, focusing on building roadway decks and bus staging facilities. The new terminal, planned to open in 2032, is expected to modernize the existing structure with improved facilities and increased capacity. The loan is part of a broader financial strategy that includes contributions from the Port Authority's construction plan and potential commercial development rights. The project aims to boost regional economic benefits while enhancing the commuting experience for users traveling between New Jersey and New York City. Port Authority Chairman Kevin O’Toole expressed gratitude for the federal support, emphasizing the terminal's long-term benefits to the community.