The Fulton Street Transit Center in lower Manhattan is more than $300 million over budget, due to inflation in the construction industry.

Yesterday, MTA officials said they would take the next 30 days to redesign the station and lower the cost. WNYC's Matthew Schuerman reports.

The options available to the MTA are all problematic.

One official suggested the entrance hall might end up as an outdoor plaza. That would disappoint the many downtown boosters who were hoping the hub would feature a 5-story glass atrium to rival Grand Central Terminal.

The MTA is also considering selling the air rights to a real estate developer to build a tower on top. But, since the transit agency acquired the property with eminent domain, legally it may be tricky to turn them over to a private company.

MTA officials say the most important element of the project will remain intact, no matter what - streamlining the underground passageways connecting different subway lines.

For WNYC, I'm Matthew Schuerman.