NEW YORK CITY-The Port Authority of New York and New Jersey's Board of Directors has approved the agency's 10-year capital improvement plan. The ambitious $27.6-billion outline of the agency's intentions for the next decade also got a thumbs up from the New York Building Congress and Alliance for Downtown New York president Jessica Lappin.
Unveiled earlier this month, the Port Authority's $27.6 billion plan is expected to generate $29 billion in economic activity. Approximately 46% of the plan's spending is on state-of-good-repair projects. The plan also continues the Port Authority's ongoing efforts to recover from Superstorm Sandy–including $1 billion of capital investment over 10 years to pay for repair, mitigation and resiliency projects. More than $700 million dollars will be invested in the period making permanent repairs to the PATH system, which was the most severely impacted Port Authority facility.
The plan also includes the redevelopment of the central terminal building at LaGuardia Airport; the raising of the Bayonne Bridge to ensure the long-term viability of the region's port; the extension of the PATH to Newark Liberty International Airport; the replacement of the Goethals Bridge with a state-of-the-art bridge that will speed access across the bridge and improve safety, an upgraded PATH signal system that will result in more reliable train service and fewer delays, and the reconstruction of the Lincoln Tunnel Helix, which will provide greater roadway capacity for future growth.
Additionally, the plan earmarks significant monies for the Port Authority's efforts to rebuild the World Trade Center site and revitalize Lower Manhattan following the events of 9/11. The World Trade Center capital projects will account for $4.9 billion in spending, with 62% of that devoted to World Trade Center retail development and common infrastructure.
Says NYBC president Richard Anderson, "The Port Authority's ten-year capital plan is a fundamental re-affirmation of the agency's core mission to build and maintain the transportation infrastructure that sustains the world's largest metropolitan economy. With $12.6 billion devoted to state-of-good repair, the Port Authority has shown its dedication to maintaining its existing assets. Even more impressive, however, is the agency's willingness to devote more than half of its $27.6 billion capital plan to major new projects, including redeveloping its three regional airports to accommodate 21st century travel and rebuilding the Bayonne and Goethals Bridges."
Adds Lappin, "Munich. Paris. Hong Kong and now Lower Manhattan. Today's actions by the Port Authority will create a vital mass transit link between the financial capital of the world and its closest international airport—a proven key to prosperity in today's 21st-century, globalized economy.
"By extending the PATH train just two miles, the ease and value of doing business in Lower Manhattan will dramatically increase, and will spur economic development throughout Lower Manhattan, New York City and Northern New Jersey. We look forward to working with Port Authority staff to promote this exciting new gateway."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
