NEW YORK
LaGuardia Gateway Partners (LGP), a consortium of Vantage Airport Group, Skanska and Meridiam, together with the Port Authority of New York and New Jersey have signed a lease agreement and achieved financing for the public-private partnership redevelopment of LaGuardia Airport's Central Terminal B. The lease began today and continues through 2050.
"Today's contractual closing of the public-private partnership and the imminent commencement of construction represent a huge step forward in Governor Cuomo and the Port Authority's vision to modernize LaGuardia Airport," said Port Authority Executive Director Pat Foye. "The new Terminal B will be a 21st Century facility offering a high level of customer service and amenities. The LaGuardia Public-Private Partnership represents the second major PPP entered into by the PA in less than three years."
The project includes a new 35-gate Terminal B, Central Hall, West Garage, related roadways and supporting infrastructure. During construction, the existing terminal will remain fully operational and flights will not be affected. New facilities will begin opening in 2018, with scheduled substantial completion in 2022. The $4 billion public-private partnership is one of the largest for new transportation infrastructure in the U.S. and is financed using equity, debt and revenues.
"LaGuardia Gateway Partners is working with the Port Authority to realize Governor Cuomo's vision for a new LaGuardia," said Stewart Steeves, CEO of LaGuardia Gateway Partners. "We are committed to delivering this project on time and within budget, while keeping communities engaged and informed.”
The new LaGuardia Central Terminal B will feature dual pedestrian bridges spanning active aircraft taxi lanes—a first in the world—that connect the terminal to two island concourses. This islands and bridges design allows for improved airline circulation and gate flexibility, which will help reduce airport delays.
Inside the new facility, there will be food, retail and beverage options that reflect regional and national offerings. The terminal will be flooded with natural light at all levels, have short curb-to-gate walking distances, and have spacious and comfortable waiting areas with more seating capacity.
The more than 1.3 million square feet of the new Central Terminal B is expected to achieve LEED Silver certification for sustainable design, a designation of LEED by the U.S. Green Building Council.
