UMEZ Provides a $5 Million Loan to Renovate the George Washington Bridge Bus Terminal
New York, New York - Kenneth J. Knuckles, President and CEO of the Upper Manhattan Empowerment Zone Development Corporation (UMEZ) announced that developers closed on a $5 million loan to assist with financing commercial renovation of the George Washington Bridge Bus Terminal. The $108 million renovation of the commercial space was led by experienced developers, SJM and Slayton Ventures, to modernize the bus facilities, as well as create over 100,000 square feet of prime retail space.
Bus operations were consolidated to the roof top level, opening the lower levels for the development of the GWB Mercado – over 100,000 square feet of new retail space with both national retailers and small businesses from the community. The Mercado will feature a range of food and service options for commuters, and nearby residents. National retailers include a Fine Fair Supermarket, a Blink health club, a Marshalls department store, and The Gap. Along with the large retailers, the GWB renovation will enable local small businesses to expand. The renovation will also have a positive impact on the area immediately around the terminal, which will benefit from increased economic activity because of the accessibility improvements and expanded retail offering.
Marshalls, The Gap, Blink health club, Spectrum, and other street level retail stores are open for business. Bus operations are open on the roof top level.