Port Authority's $10B revamp

Welcome to Crain's New York Top Stories. This week, reporter Caroline Spivack previews the $10 billion proposal to transform the Port Authority Bus Terminal.

Calling it a "once-in-a-lifetime opportunity to reinvent one of the major front doors of New York City," planning officials's\ sneak peek at the plan shows a beefed-up structure that reimagines the notoriously dilapidated 73-year-old facility as a bright, modern travel hub with retail space and a park.

To the west of the main terminal, on 40th Street between Ninth and 10th avenues, the Port Authority aims to build a facility where buses can be stored and can idle. They now have to wait on nearby streets, causing congestion.

The plan also calls for 3.5 acres of green space, which will be created by decking over the currently below-level Dyer Avenue and building a park on top.

A helix-shaped ramp structure connecting the Lincoln Tunnel to the bus terminal would make up the western-most portion of the project, stretching the existing footprint of the site along 40th Street to 10th and 11th avenues.

The new ramps, park space and storage facility could be complete by 2028, while the main terminal building is expected to be complete by 2032.

The overhaul would be the first wholesale redevelopment in the terminal's history and is intended to accommodate an anticipated swell of travelers in the coming decades. The proposal still requires federal and city approvals.

Click here to read the full story.

Also in the news:

We want to hear from you. Tell us what you think the top story of the week was (or wasn't) in the comments below.

Sign up here for Crain's Morning 10 newsletter and get the news you need to do business delivered to your inbox every morning.