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[IMGCAP(1)]NEW YORK CITY-The Port Authority of New York and New Jersey has released three finalist renderings for the office tower that has been slated to be built on top of the Port Authority Bus Terminal, while at the same time granting the development team up to two six-month extensions to finalize a 99-year lease for the redevelopment of the bus terminal’s North Wing. The extensions will also give the developer–a joint venture of Vornado Realty Trust and Ruben Cos.–more time to negotiate leases, renovations and management of the retail venues in the bus terminal’s South Wing.

[IMGCAP(2)]Rogers Stirk Harbour & Partners, Kohn Pedersen Fox Architects and Pelli Clarke Pelli Architects submitted designs of 42-story, 48-story and 47-story towers, respectively, a spokesman for the Port Authority confirmed for GlobeSt.com. “We are hopeful that a final decision will be made in the next six months,” he adds, noting that the developer will make the actual decision with final approval from the Port Authority. A Vornado spokeswoman declined to comment on the proposals.

[IMGCAP(3)]Last November, the state and the Port Authority revealed an agreement with the two companies, which have formed a joint venture called 20 X Square Associates LLC to develop the project, to lease the air rights over the bus terminal’s north wing. The transaction is expected to generate approximately $500 million over the term of the lease and the agency plans to use the funds to make major improvements to the bus terminal.

[IMGCAP(4)]The proposed air rights development will add approximately 1.3 million sf of office space to the terminal. It will also renovate the approximately 60,000 sf within the existing North Wing for retail use. The redevelopment will also include new escalators from gates to the ground floor and 18 new bus gates and upgraded existing gates, enabling an additional 70 buses containing approximately 3,000 bus passengers to be accommodated during each peak hour at the bus terminal, increasing the capacity by 18%. The Port Authority is also planning to build a new bus-parking garage near the bus terminal.

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