Eleven years after the Port Authority of New York and New Jersey unveiled an ambitious plan to rebuild New York City’s uptown bus terminal, the outfit tasked with completing the project has filed for bankruptcy, Politico reported. The developer, George Washington Bridge Bus Station Development Venture LLC, filed court papers yesterday, saying that it has between $50 million and $100 million in assets, but liabilities of up to $500 million. The project, announced in 2008 at an original cost of $180 million, called for the developer to build a modern bus terminal, with updated gates, a better waiting area, better connections to the subway and the creation of 119,000 square feet of “first-class retail space.” Since then, the project has been mired in delays and contract disputes. In 2017, then-Port Authority Chairman John Degnan called the public-private partnership, which opened years late, "an embarrassment to the Port Authority and should be an embarrassment to the developer and to the contractor.” Among the folks to whom the developer says it owes money is contractor, Tutor Perini Building Corporation, which has separately sued the Port Authority of New York and New Jersey over delays and cost overruns.
