The Port Authority of New York and New Jersey, with LaGuardia Gateway Partners, has sealed the biggest public-private partnership in the history of the agency.
A consortium of private partners closed on a deal Wednesday to develop a $4 billion replacement to the maligned LaGuardia Airport’s Central Terminal Building and operate the new facility through 2050.
The agreement marks the completion of the biggest public-private partnership in the history of the Port Authority of New York and New Jersey, which owns and operates the region’s major airports. The Port Authority entered into the deal with the consortium, LaGuardia Gateway Partners.
The group, whose members include airport operator Vantage Airport Group, construction firm Skanska and the investment company Meridiam, won the bid for the project last May. But a competition last year to create a more holistic redesign of the entire airport delayed the deal’s closing, and political wrangling at the Port Authority also almost derailed the plan in recent months.
“Today’s contractual closing of the public-private partnership and the imminent commencement of construction represent a huge step forward,” Pat Foye, the Port Authority’s executive director, said in a statement. “The new terminal will be a 21st-century facility offering a high level of customer service and amenities.”
LaGuardia Gateway Partners will begin work on the project this summer, first demolishing a large parking garage in front of the current Central Terminal. The new 1.3 million-square-foot building will rise on that site and feature dual pedestrian bridges spanning active aircraft taxi lanes that connect the terminal to two island concourses. The islands-and-bridges design—the first of its kind to be built at a major airport—allows for improved airline circulation and gate flexibility, which will help reduce airport delays. […]