The approval of a long sought-after almost $2 billion federal loan to help finance the ambitious $10 billion replacement of the aging Port Authority bus terminal in midtown Manhattan was announced by U.S. Department of Transportation officials Tuesday.The $1.89 billion loan announcement by USDOT’s Build America Bureau means financing is in hand to begin the first phase of bus terminal replacement this year, officials said. That starts a larger p…

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Aging N.Y. bus terminal used by N.J. commuters to be replaced with help from a multi-billion dollar loan

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The old, shabby bus terminal opened to the public back in 1950.

Gothamist

New York

Feds give Port Authority $1.9B loan for new Midtown Bus Terminal as Biden leaves office

Two of the biggest names in New York City’s commercial real estate sector are hoping to hit up the federal government to develop what they expect to be the most expensive tower in U.S. history.

Bisnow

RXR, TF Cornerstone Seek Federal Loan To Build $6.5B Supertall

The Port Authority of New York and New Jersey announced Tuesday it received federal approval of a $1.9 billion loan for the first phase of the Midtown Bus Terminal replacement project. Issued through the Build America Bureau, the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan comes via the U.S. Department of Transportation. For the first time, the Port Authority says it will borrow from the 25-year-old TIFIA federal loan p…

NJBIZ

Midtown Bus Terminal project receives nearly $2B federal loan

The Port Authority has secured a $1.9 billion federal loan that will allow it to begin work to replace its Midtown Bus Terminal, the agency announced on Monday.   The current Port Authority Bus Terminal’s main entrance looking west at W41st Street and 8th Avenue. Photo: Catie SavageThe loan, made possible through the Transportation Infrastructure Finance and Innovation Act (TIFIA), follows the $10 billion project receiving final federal and stat…

W42ST Magazine

Port Authority Secures $1.9 Billion Federal Loan to Begin Midtown Bus Terminal Overhaul

The Port Authority’s Midtown Bus Terminal is getting a major facelift, and now, a federal boost is helping push the transformation forward. The U.S. Department of Transportation has awarded a $1.89 billion loan to the Port Authority of New York and New Jersey to help revamp and modernize the iconic bus terminal in Midtown Manhattan. […] The post $1.9 Billion Federal Loan Paves Way for New Port Authority Bus Terminal  appeared first on Jersey Cit…

Jersey City Times

$1.9 Billion Federal Loan Paves Way for New Port Authority Bus Terminal

The U.S. Department of Transportation’s (DOT’s) Build America Bureau (Bureau) today announced it provided a $1.89 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) to the PANYNJ to modernize the Midtown Bus Terminal, one of the world’s busiest bus terminals, serving 65 million annual passengers. The loan supports construction of bus storage and staging facilities, new ramps accessing the Lincoln Tunnel, and 3.5 acres of pu…

The Ritz Herald

U.S. Department of Transportation Announces $1.89 Billion Loan to the Port Authority of New York and New Jersey for the Midtown Bus Terminal Reconstruction

This rendering shows the proposed main terminal's facade on 40th Street. Credit: Foster + Partners & Epstein Up to $1.9 Billion from Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan Program Approved by U.S. Department of Transportation for First Phase of Construction Federal Loan Adds to Financing Plan for First Phase of Replacement Project that…

Aging N.Y. bus terminal used by N.J. commuters to be replaced with help from a multi-billion dollar loan

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