In October of 2015, the Port Authority of New York & New Jersey (PANYNJ) approved a multi-billion-dollar redevelopment plan to build a new Port Authority Bus Terminal, located on the site of the existing one between West 40th and 42nd streets along Eighth Avenue. The design competition has since narrowed down to five finalists, Crain’s reported.
The first is a $4.2 billion design by Arcadis of New York Inc., featuring 190,000 square feet of retail on the ground and second floors.
The second proposal, estimated to cost $7 billion, is from Archilier Architecture Consortium, which would sport 400,000 square feet of retail space, a 33,000-square-foot plaza, and a 9.8-acre rooftop park.
The third proposal, estimated to cost $15.3 billion, is by Hudson Terminal Center Collaborative. It would be built entirely underground, which allows for a plaza to be built in addition to significant commercial development directly on-site.
The fourth design, pinned at $3.7 billion, is the proposal of Pelli Clarke Pelli Architects.
The fifth and final proposal, estimated to cost $5.4 billion, is by Perkins Eastman. It would incorporate the bus terminal into the Jacob K. Javits Convention Center, which is located four blocks west (and a little south) of the existing terminal.
All of the proposals allow for significant mixed-use development to occur on the surrounding blocks, largely due to air-rights transfers, and include many other infrastructure improvements throughout the area.
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