Port Authority of New York & New Jersey officials have authorized a new food court in its Midtown bus terminal as the aged transit hub undergoes a massive renovation.
Board members for the bi-state agency voted at its monthly meeting today to allow Executive Director Patrick Foye to enter an agreement with OHM Concession Group for an “upscale” food hall at the Port Authority Bus Terminal, officially at 625 Eighth Avenue.
If a lease is signed, it would be for 10 years and take up a total of 5,943 square feet that’s currently filled by three different stores, according to a Port Authority press release. During that time, the St. Louis-based retail group will pay $15.2 million in rent over the term.
“This partnership marks a new milestone in our commitment to create a brighter experience and welcoming atmosphere for travelers who visit the Port Authority Bus Terminal—and to create a substantial increase in retail revenue for the public’s benefit,” Port Authority Chairman John Degnan said in prepared remarks.
It wasn’t immediately clear when the lease will be signed.
The three spaces are currently filled by the U.S. Postal Service, Deli Plus and Jamba Juice. The post office and deli leases expire at the end of January 2016. A new space for Jamba Juice is being built nearby in the terminal.
OHM Concession Group’s lease is expected to take effect sometime in February, according to the Port Authority. The agency announced a $90 million renovation in January of the existing terminal, parts of which date back to 1950. A team from Cushman & Wakefield and JRT Realty Group was tapped to market the 150,000 square feet of retail space at the building, which stretches from West 40th to West 42nd Streets and from Eighth to Ninth Avenues.
Jodi Pulice, the chief executive officer of JRT, told Commercial Observer in October that while there weren’t nameable tenants, the retail facade would be changed up and ticket booths would be moved off of the ground floor.
But changes COULD be short-lived, since the Port Authority voted that same month to explore building a brand new terminal in place of the existing one, which has become the butt of many New York City jokes. Port Authority officials opened a design contest and placed the cost of a new terminal at $10 billion.