George Washington Bridge Bus Terminal
The George Washington Bridge Bus Station is an important transportation hub in New York City that serves an average of 20,000 commuters per day. With no major renovations since opening in the early 1960’s, the station suffered from decades of disrepair. LIIF provided a $10 million leverage loan through its New York Healthy Food & Healthy Communities (HFHC) Fund and a $5 million New Markets Tax Credit allocation to enable an independently owned, fresh foods grocer to open in newly renovated retail space in the station. LIIF’s investment is part of a $100 million redevelopment effort by the Port Authority of New York and New Jersey to revitalize the hub’s infrastructure and retail services and increase public safety in and around the terminal. The new 15,000-square-foot supermarket will serve the economically-distressed Washington Heights neighborhood and increase access to healthy fresh food in a New York City designated FRESH zone. The redevelopment will create over 450 temporary construction jobs and 250 permanent jobs.
Project Details
- Impact
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15,000 square feet of new healthy food space
130,000 square feet of redeveloped retail space
250 permanent jobs created
State-of-the-art light safety and security systems - Financing
- $10 million senior leverage loan through the New York Healthy Food Healthy Communities (HFHC) Fund
$5 million New Markets Tax Credit allocation - Partners
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- Dudley Ventures
- Empire State Development
- Goldman Sachs Urban Investment Group
- New York City Regional Center
More Information
Community Capital for Community Facilities
New Markets Tax Credits
New York Healthy Food Healthy Communities (HFHC) Fund
