Construction Begins on Manhattan’s $10B Midtown Bus Terminal Transformation
https://www.constructionequipmentguide.com/construction-begins-on-manhattans-10b-midtown-bus-terminal-transformation/68191
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When will construction of the towers begin?
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I dont think they’re even approved yet so definitely not anytime soon. the priority seems to be on the terminal itself and that won’t be completed until like 2030 something
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It does feel a little backwards, doesn’t it? The revenue from the towers is meant to pay for (at least some of) the construction of the terminal. So doesn’t that mean every year that they’re not collecting that revenue is another year where the PA is accruing interest on their construction loans?
The best comp for this project is the Salesforce Transit Center in SF. Salesforce Tower was finished and generating massive office rents before the Transit Center even opened.
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In any case, the bus station is by far the most important aspect of this project.
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I can forsee a situation where the towers are built while the new bus terminal is being built since the cores are being built anyway with the main structure.
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While the economy has picked up some, developers are still being judicious at where they want new towers. Case in point Penn15.
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I dont think you have to worry about PA. Of any agency, their balance sheet is pretty solid.
No matter how you cut it, the staging of the project is going to govern the program. They have to sequence the work in a way to maintain the operations of the tunnels and busses.
I don’t expect to see towers above the new terminal until well into 2030’s
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