THE PORT AUTHORITY OF NY & NJ
Press Release Article
RENDERINGS RELEASED FOR PLANNED OFFICE TOWER ABOVE PORT AUTHORITY BUS TERMINAL’S NORTH WING
Date: Jul 24, 2008
Press Release Number: 79-2008
The Port Authority and a New York City development team today released three finalist renderings
for a major office tower to be built on top of the Port Authority Bus Terminal.
The renderings were released as the Port Authority Board of Commissioners gave the development team – 20 X Square Associates, LLC, a joint venture of Vornado Realty LP and affiliates of Lawrence Ruben Company – up to two six-month extensions to finalize a 99-year lease for the redevelopment of the bus terminal’s North Wing, subject to the development team’s meeting of certain performance standards. The extensions also will allow 20 X Square Associates to negotiate a transaction to lease, renovate and manage retail venues in the bus terminal’s South Wing.
The proposed air rights development will add approximately 1.3 million square feet of sustainable first-class office space above the terminal and allow for significant improvements to the terminal facility, including new mass transit opportunities for commuters through increased bus capacity and the renovation of approximately 60,000 square feet within the existing North Wing for retail use. It is expected to generate approximately $500 million for the Port Authority over the term of the lease.
Port Authority Chairman Anthony R. Coscia said, “Today’s action represents important progress for this creative agreement that will lead to better commutes for 200,000 daily bus passengers and help revitalize the west side of Manhattan. The upgrades planned for the bus terminal are a critical part of our vision to enhance the region’s mass transit system through expanded capacity and a better experience for commuters throughout the region.”
Port Authority Executive Director Chris Ward said, “This action will give us the time necessary to continue working through the critical issues that will make this important project a success.”
In addition to the office tower, the redevelopment will include:
- better pedestrian circulation with new escalators from gates to the ground floor;
- the renovation and creation of approximately 60,000 square feet of bus terminal retail;
- 18 new bus gates and upgraded existing gates, enabling an additional 70 buses containing approximately 3,000 bus passengers to be accommodated during each peak hour at the bus terminal, increasing the capacity by 18 percent; and
- an improved and modernized appearance throughout the terminal.
In addition, the Port Authority is planning to build a new bus-parking garage near the bus terminal that will reduce traffic congestion and noise, and improve the quality of life in neighboring communities.
The Port Authority Bus Terminal opened in 1950 and has become the busiest bus passenger facility in the world, handling 7,000 buses and 200,000 commuters each day. It includes 223 bus gates, retail and commercial space, and public parking for 1,250 vehicles. It provides bus service for travel in the New York-New Jersey region, as well as long-distance service to almost any point in the United States, Canada and Mexico. Since it opened, more than three billion passengers have used the bus terminal.Click here
to view the renderings.
Port Authority of New York and New Jersey
Steve Coleman or Candace McAdams, 212 435-7777
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.