Port Authority’s project to replace midtown bus terminal receives critical loan from Federal Build America Program

The Port Authority of New York and New Jersey announced this week the federal approval of a $1.9 billion loan through the U.S. Department of Transportation toward construction of the first phase of the Midtown Bus Terminal replacement project. The Transportation Infrastructure Finance and Innovation Act (TIFIA) loan, to be issued through the Build America Bureau, will support the funding of the first phase of the $10 billion bus terminal replacement project, with construction to begin this year. 

“The Midtown Bus Ter-minal is a fixture in many New Jerseyans’ daily lives and our residents deserve a best-in-class facility,” said New Jersey Gov. Phil Murphy. “Securing this critical funding brings us a step closer to a new and modernized bus terminal that will serve as the world-class gateway to our region while bolstering our regional economy.” 

“Today’s announcement brings us yet another step closer to rebuilding this key gateway into New York City,” said Governor Kathy Hochul. “Replacing and expanding the Bus Terminal will mean the long held dream of creating modern infrastructure that prioritizes public space, bolsters local business and ensures the safety and wellbeing of travelers will finally become a reality.”

“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,” said Port Authority Chairman Kevin O’Toole. “I thank our federal partners for their support for a project that will generate economic benefits for our entire region while improving the quality of life for commuters and the community where the terminal is located.” 

“The approval of a federal TIFIA loan for this phase (…) further demonstrates the unprecedented public and governmental support at every level for our plan to replace a reviled and obsolete piece of infrastructure with a new, state-of-the-art facility that sits in the heart of Manhattan,” said Port Authority Executive Director Rick Cotton.