The Port Authority of New York and New Jersey has secured a $1.89 billion loan from the U.S. DOT for the transformation of the Midtown Bus Terminal, marking a significant federal investment in upgrading this 74-year-old facility.
Port Authority Chairman Kevin O'Toole emphasized that this federal funding will propel a modernization effort, enhancing both the commuting experience and economic benefits for the entire region.
Construction is set to begin this year, as the project is part of a $10 billion plan aimed at creating a modern, 2-million-square-foot terminal that will serve millions of passengers.
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