JERSEY CITY, N.J.—A US$9 billion plan to transform the nation’s busiest bus terminal from a crumbling eyesore into a gleaming new facility has been rejected as too costly.
The price tag to rebuild the decrepit Port Authority Bus Terminal in the heart of New York City is more than twice as high as that for the World Trade Center transportation hub.
The 65-year-old bus terminal is in Times Square near some of the city’s most-visited attractions, including Broadway and Madison Square Garden.
The rebuilding plan was presented to the Port Authority of New York and New Jersey’s board after the agency spent months studying how to replace the terminal. Port Authority commissioners have demanded cheaper options.
A building expert says the project is so expensive because the terminal must be built with the world’s heaviest structural steel.