Lease agreed for the development of LaGuardia Airport
The Port Authority of New York and New Jersey (PANYNJ) has executed a lease agreement with LaGuardia Gateway Partners for the finance, design, construction, operation and maintenance of the new Terminal B facility at LaGuardia Airport in New York.
The US$4bn project will involve unifying the terminal structure by demolishing the existing Terminal B building and replacing it with a larger structure that will join with Delta Air Lines’ terminals C and D. The new layout will help to eliminate the ongoing gate delays and aircraft congestion experienced at the airport.
LaGuardia Gateway Partners, a public-private partnership (PPP) comprising Vantage Airport Group, Skanska, Meridiam, Walsh, HOK and Parsons Brinckerhoff, will aim to open the first phase of the new terminal by 2020, with full completion scheduled for 2022. The lease’s term will run until 2050.
Skanska, which owns a 70% share of the contract – equivalent to approximately US$2.8bn – will begin preliminary construction works for the new building immediately.
Johan Karlström, CEO and president of Skanska, said, “This is Skanska’s largest project ever. We are proud to invest in and lead construction of this project that will improve the quality of air travel for millions of people. The LaGuardia Airport Central Terminal B project is a perfect example of how we, through the PPP, can expedite delivery of critical infrastructure, bringing together Skanska’s construction and investment capabilities.”
George Casey, president and CEO of Vantage Airport Group, said, “The redevelopment of LaGuardia’s Central Terminal, which welcomes 14 million passengers annually, involves the largest PPP for new transportation infrastructure in the USA. Vantage looks forward to helping transform LaGuardia into a world-class airport for the flying public and our airline partners. Vantage takes pride in its knowledge of, and expertise in, airport management, having worked with 28 airports worldwide, including taking 20 facilities from public to private management.”
