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The Port Authority of New York and New Jersey, New York City Mayor Eric Adams and New York Gov. Kathy Hochul reached a deal Tuesday in support of the $10 billion Midtown Bus Terminal project.

Officials say the new facility will replace the existing, obsolete and rundown 73-year-old terminal with a long overdue world-class facility. The design will also meet projected commuter growth over the next few decades.

Some features of the new Midtown Bus Terminal include:

• A 2.1 million-square-foot main terminal
• Separate storage and staging building
• New ramps leading directly into and out of the Lincoln Tunnel
• A central, main entrance
• More street-level retail
• A multistory indoor atrium and new public open space
• And much more

Constructed in phases, the work will create an estimated 6,000 union construction jobs. A temporary terminal and new ramps are expected in 2028 with the main terminal completion in 2032.

Community investments

Under the agreement announced Tuesday, New York City has committed 40 years of tax revenue.

That will help the Port Authority raise an estimated $2 billion – or 20% of project costs – from three potential, new commercial developments. Two will sit atop the updated bus terminal while the third is a nearby site that the Port Authority owns with private entities.

Before & after:

Click here to see what the Midtown Bus Terminal looks like now vs. planned renovations.

“Our agreement with the city to provide a portion of the financing toward a new Midtown Bus Terminal will allow the Port Authority to move forward with a project that will generate economic benefits for our entire region while improving the quality of life in the community where the terminal is located,” said Port Authority Chairman Kevin O’Toole. “We will replace this aging eyesore with a world-class gateway our region deserves.”

“With the city committing revenue to fund up to 20% of the project, we will be able to advance our revised plan that is more costly but adds significant community benefits to the project,” said Port Authority Executive Director Rick Cotton.

Adams said that for decades, the city and commuters have watched as the terminal deteriorated from the world-class facility it was once was to the stain it is on Midtown today.

“The days of watching are over, and the days of acting are here. Our investment over the course of the coming years, and our partnership with the Port Authority will help develop a new crown jewel for Midtown – a state-of-the-art bus terminal that will add acres of new public space and storefronts, decrease congestion in Hell’s Kitchen, and improve the commuter and community experience in and around the terminal for both New Yorkers and visitors to the greatest city in the world,” said Adams.

A better commute

Gov. Phil Murphy applauded the agreement and credited the stakeholders with rolling up their sleeves and working together.

“The Midtown Bus Terminal is an integral fixture in our regional transportation network that keeps our economy moving by making sure commuters get where they need to go,” said Murphy. “Today’s announcement puts us one step closer to ensuring New Jersey commuters have access to a state-of-the-art facility that provides the safe, reliable public transit they deserve.”