NEW YORK CITY-The tower long planned to rise above the Port Authority Bus Terminal, which would have provided a capital infusion to revitalize the terminal itself, seems to be no more. As the Times reported, developer Vornado Realty Trust has informed the Port Authority of New York and New Jersey that it is no longer interested in pursuing the project.

Patrick Foye, the agency’s new executive director, said in a board meeting Tuesday that he would sit down with Vornado promptly. “Obviously, that transaction is important because, if consummated, it would provide desperately needed capital to rebuild and expand the Bus Terminal, as well as generate tax revenue for the city and region and create jobs,” Foye said.

Scott Rechler, vice chairman of the Port’s board of commissioners, added that review of the project’s future will happen just as it will for every capital project.