NEW YORK CITY-The Port Authority of New York and New Jersey has winnowed down to four the number of potential developers in the effort to build, finance and operate the new main terminal at LaGuardia Airport, according to Crain's New York Business. First announced in early 2012, the $3.6 billion upgrade initially attracted proposals from 15 organizations interested in taking on the project.
The final four teams competing for the bid, Crain's reports, are: Aerostar New York Holdings, a group that includes Highstar Capital, Aeropuerto de Cancun, Hunt Architects, Fentress Architects,VRH Construction and RBC Capital Markets; LGAlliance, pairing Macquarie, Lend Lease, Turner, Hochtief, Parsons and Gensler; LaGuardia Gateway Partners, a partnership of Vantage Airport Group, Skanska, Meridiam Infrastrucure, Tishman Construction, Parsons Brinckerhoff, Morgan Stanley, Citigroup and Wells Fargo; and LGC Central Terminal Consortium, a joint venture of Aéroports de Paris, TAV Construction, Goldman Sachs, Suffolk Construction, STV, Arup and Kohn Pedersen Fox.
The new 1.3-million-square-foot central terminal building—which will replace the airport's existing facility that opened in 1964—will be operated under a public-private partnership model. According to Crain's, the winning bidder on the project will pay for the cost of the upgraded terminal in return for a cut of the revenue it nets from leases with the airlines that use it, as well as with stores and restaurant tenants.
Pat Foye, the Port Authority's executive director, has previously said the time to renovate the airport had come. “Fliers arriving and departing the New York metropolitan area deserve efficient, modern aviation facilities, not the crowded gate-areas designed for DC-9s at the current Central Terminal Building” he said. “We are working diligently in these times of economic hardship to make short-term and long-term progress towards improving our facilities.”
The Port Authority has not yet set a firm timeline when the new building will begin, but is working to finish the project by 2021, Crain's reports. The amount of traffic that passes through the terminal has exceeded its capacity of 8 million passengers a year. In 2012, that figure grew to 25.7 million travelers and by 2030, the Port Authority projects at least 34 million will pass through the terminal each year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
