The Port Authority of New York & New Jersey's Board of Commissioners announced that it had unanimously voted this week in the selection of LaGuardia Gateway Partners, a consortium that includes construction and banking firms, to develop a $3.6 billion terminal for LaGuardia Airport. Construction of the project will be funded by a public-private partnership, with the private sector contributing more than $2 billion and the Port Authority contributing more than $1 billion to construct the airport and supporting infrastructure. LaGuardia Gateway Partners, the private development team, will be responsible for designing, constructing, operating and maintaining the new terminal.
"With today's Board action, the Port Authority continues to follow through on its commitment to modernize LaGuardia Airport, with the strong support of Governor Cuomo and his Advisory Panel," said Port Authority Chairman John Degnan. "By utilizing an innovative public-private partnership in this endeavor, the agency is also taking another important step in bringing state-of-the-art financing techniques to the task of updating our region's airports and other critical infrastructure."
"We look forward to partnering with the Port Authority on this significant project for the city and state of New York," added Stewart Steeves of Vantage Airport Group, President and CEO of LaGuardia Gateway Partners. "The team is ready to deliver an exceptional experience for the airport community and the travelers who will pass through the new terminal. We will develop a world-class facility and bring the level of operational expertise needed to deliver the airport New Yorkers deserve, both during construction and throughout long-term operations."
LaGuardia Gateway Partners is comprised of Vantage Airport Group, Skanska and Meridiam for development and equity investment; Skanska and Walsh Construction as the construction joint venture; HOK and Parsons Brinckerhoff as the design joint venture; and Vantage Airport Group for management of the operations, according to a GlobeSt.com report. The new terminal design is not expected to cost significantly more than previously anticipated for the old replacement concept. The board's action also limits the cost of the new entry portal to no more than $400 million, with construction based on future Board authorizations consistent with the Port Authority's Capital Plan process.
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