The Port Authority Bus Terminal (“PABT”) is the largest bus terminal in the United States, and the busiest in the world, serving 8,000 buses with 225,000 passengers on an average weekday. The PABT provides trans-Hudson intercity and intracity bus service, serving daily commuters as well as transient visitors to New York City. It features direct pedestrian access to 12 subway lines and is adjacent to the busy Times Square and Theater District neighborhoods.
The Port Authority of New York and New Jersey (“PANYNJ”) held a design and constructability competition to select a plan to replace or redevelop the aging transportation center, which opened in 1950 and is currently operating above designed capacity levels. Working with a team that included Arcadis, IMGRebel, and CallisonRKTL, RESGroup collaborated on a public-private financing strategy for the Bus Terminal which included a PILOT payment as one component of the complex transaction. RESGroup analyzed the potential value of privately developed residential, office and retail projects within the air rights currently owned by the PANYNJ that would provide the basis for the PILOT payments. Potential real estate taxes were estimated for each parcel as development was projected to occur, considering the risks in timing associated with the ULURP approval process and inherent public and community involvement.
Goals for the design included using only property currently owned by the PANYNJ, reducing bus traffic on local streets, accommodating projected increases in demand, maintaining direct connection to existing and planned subway stations, restoring the street network, maximum revenue generation, and allowing for mid-day bus storage. The team was selected by the PANYNJ as one of the top two finalists, receiving the largest honorarium that was awarded.
