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.