Under the auspices of the New York City Department of Transportation, which runs the facility and the ferry system, and overseen by the city's real estate arm, the Economic Development Corporation, the project was announced in June 1999 after two years of planning. Groundbreaking was scheduled for late 1999 and completion targeted for early 2002. Delivery on the St. George is now synchronized to be simultaneous with that of its counterpart across the harbor, the Whitehall Ferry Terminal, currently under construction in Lower Manhattan and slated to be ready some time in 2004. Price tag on the two terminals as well as three new ferryboats on order is roughly $300 million. "It's going to be a spectacular terminal, along with Whitehall across the water," says DOT commissioner Iris Weinshall. "They will be destinations among themselves."

Destroyed by fire in 1949 and perfunctorily rebuilt the following year, the eye-pleasing new facility will comprise 190,000 sf, 20,000 sf of which will be retail space, 5,000 sf more than under the current configuration. The waiting room, now dank and dingy, will feature a 40-foot glass wall facing the harbor with views of the Manhattan skyline and the Statue of Liberty. Clerestory windows will rim the ceiling on all four walls to maximize ambient light. The asphalt and sidewalks leading to the street will be replaced by a promenade that will provide a direct path for commuters from the street into the terminal through a glass-enclosed entryway.

Electrical, mechanical and ventilation systems will be upgraded, as will restrooms, seating areas and signage. In addition, photovoltaic louvers, which turn sunlight into electric energy, have been integrated into the design along with other green technologies that last year netted two major awards for architects Hellmuth, Obata & Kassabaum. The Art Commission of the City of New York presented HOK with the Commission's 19th annual award for Excellence in Design. The firm also earned the prestigious Designing a Sustainable and Secure World Award from Global Green USA, the U.S. affiliate of Mikhail Gorbachev's worldwide environment organization Green Cross International, which recognized the firm's commitment to advancing sustainable design and building by developing environmental solutions.