The Port Authority has tried to sell off the development rights above its Midtown bus terminal before, but the plan fell through. Sure, it may have been 9/11 that soured the deal, but the crushing depression that would sweep through the ranks of any company that moved into a building above the Port Authority might have also had something to do with it. Either way, now that the corner of 42nd Street and Eighth Avenue is something of an office mecca?with the new Times HQ and the coming 11 Times Square?the Port Authority is trying again. The deal, to be announced today, calls on a joint venture of Vornado Realty Trust and the Ruben Company to erect a deck over the northern portion of the four-story bus station and build a 1.3-million-square-foot office tower. Over the next year, there will be an architectural design competition to figure out what this monster will look like, and the companies have four years to build it. It's too early to speculate on potential tenants, but as long as it's not us, we're cool.
· Tower Planned Atop Port Authority Bus Terminal in New Wave of Development [NYT]