The executive director of the Port Authority of New York and New Jersey on Tuesday stressed the need for construction to begin on a new Port Authority bus terminal, saying the current structure is “long past its designed life.”

“This is the busiest bus terminal in the world. It's nearly 75 years old. It is out of date,” said Rick Cotton during an appearance on “Mornings On 1.” “It needs to be totally replaced.”

The agency last week unveiled plans to overhaul the aging terminal and incorporate sustainable features to achieve net zero emissions, including the transition of the entire bus fleet to electric vehicles.

The plan also includes a redesign of the terminal's infrastructure to enhance traffic flow while the exterior of the terminal will also undergo a facelift, with plans for a multi-story atrium.

Cotton said the agency hopes to have the estimated $10 billion project completed by 2032, however, he acknowledges there will be challenges ahead, including navigating a federal environmental review process, obtaining federal and New York City permits and securing federal funding. Additionally, they will need to attract people to the new terminal.

“We need to address the challenge of making the bus terminal what the airports are, which are 21st century facilities. They need to have two things in mind: They need to serve the bus rider, but they also need to—in this very congested part of the midwest side of Manhattan—help revitalize that neighborhood,” Cotton said.

One way they aim to accomplish that goal is by mitigating the number of buses that end up on Manhattan streets.

"We're going to be focused on managing traffic, managing pedestrian movement, and expanding the footprint to provide additional storage and a more direct route for buses," Cotton said.