For those keeping track at home, the Port Authority report that estimated the cost of a new bus terminal in Midtown came in at ten times the original estimate a year ago.
"It could cost more than $10 billion to replace the Port Authority Bus Terminal at its current location with a bigger, better facility, according to a Port Authority study whose preliminary results will be presented to the board of commissioners Thursday," reports Dana Rubinstein.
"That's 10 times the $1 billion price estimate some officials circulated last year," adds Rubinstein.
And if that daunting price tag weren't enough to scare away curious onlookers, how about the other remaining challenges facing the project: "Were the construction and environmental review process to begin tomorrow—which it won't, because there is no funding on the immediate horizon—it would take at least 15 years to complete, according to three Port Authority officials who would only speak on background with Capital."
The report made big news around New York. Steve Strunsky focuses on how the price tag ballooned so much in such a short amount of time. And Stephen Miller also takes a big picture approach to how the plan fits into the Port Authority's capital investment plans.
Read the full story: Plans for a new bus terminal confront steep cost estimates
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