$4B Overhaul of LaGuardia Airport to Begin This Summer, New Renderings

Posted On Thu, June 2, 2016 By

Posted On Thu, June 2, 2016 By In Major Developments, Queens, Transportation

When Governor Cuomo revealed details and flashy renderings for his planned $4 billion overhaul of LaGuardia Airport, he assured New Yorkers “It’s not a plan; it’s not a sketch; it’s not a dream; it’s not a vision—it’s actually happening.” And he wasn’t kidding; LaGuardia Gateway Partners, a public-private partnership formed by the Port Authority of New York and New Jersey, announced yesterday that they closed on the deal to develop a “replacement to the maligned LaGuardia Airport’s Central Terminal Building and operate the new facility through 2050,” according to Crain’s. With work expected to kick off this summer, Curbed has also uncovered a few new renderings of the plan.

LaGuardia overhaul_June 2016-2

The deal, which is the biggest public-private partnership in the history of the Port Authority, includes airport operator Vantage Airport Group, construction firm Skanska, and investment company Meridiam. The consortium raised $2.5 billion for construction last month through a municipal bond offering. Of the total cost, they themselves will pay $1.8 billion with the Port Authority contributing the remaining $2.2 billion. Since LaGuardia Gateway Partners is assuming the responsibility of completing the project on time and on budget, they’ll receive a portion of the new facility’s revenue, generated from retail tenants and airline carrier fees.

LaGuardia overhaul_June 2016-3

The first step will be the demolition of a parking garage in front of the current Central Terminal, where the new 1.3 million-square-foot building will rise. It will feature pedestrian bridges to connect the terminal to two island concourses, allowing for “improved airline circulation and gate flexibility” to reduce delays.

[Via Crain’s and Curbed]

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Renderings via Skanksa

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