The Board of Commissioners of the Port Authority of New York and New Jersey voted Thursday to replace the 65-year-old Port Authority Bus Terminal in the Times Square neighborhood, according to various media reports.
Concrete decisions about a new site would be opened up to an international design competition to be concluded in 2016, NJ.com is reporting. Construction is projected to take 11 to 15 years and cost estimates range from $7.5 billion to $10.5 billion, the news organization reports.
"This is a giant step forward for one of the most important transportation projects in the country, and certainly in our region," Commissioner Ken Lipper told NJ.com.
The Board of Commissioners endorsed a site one block west of the current one at 42nd Street and 8th Avenue in Manhattan, the New York Post reported.
In the late 1930s, interstate traffic became a problem in New York with bus stations scattered throughout the city, according to the Port Authority. The terminal opened in 1950 amid much hoopla to resolve that problem. Over the years, the station also picked up some of the colorful atmosphere of the surrounding Times Square neighborhood. At night, the homeless camped out there.
The neighborhood has changed somewhat in recent years and The New York Times moved its headquarters across the street from the bus terminal entrance.
The bus terminal is the world's busiest and handled 66 million bus passenger trips last year, according to the Port Authority.
