The Port Authority of New York and New Jersey selected a development for LaGuardia Airport's $3.6 billion facelift.
The agency's board of commissioners voted unanimously on May 28 to select LaGuardia Gateway Partners to spearhead the redevelopment project, which will demolish the airport's existing Central Terminal Building and create a new "world-class facility" that unifies previously unconnected terminals. A public-private partnership will fund the construction with the Port Authority contributing more than $1 billion. LaGuardia Gateway Partners is now slated to begin "detailed negotiations" with the Port Authority, airlines and other stakeholders to finalize its proposal for developing, constructing and operating the new facility while also finalizing the P3 financial terms.
The Port Authority's action comes on the heels of New York Gov. Andrew Cuomo forming an advisory panel to improve New York City's two airports. Cuomo announced in January plans to provide AirTrain and service to LaGuardia, and build personal rapid transit people movers and a new hotel.
"With today's Board action, the Port Authority continues to follow through on its commitment to modernize LaGuardia Airport, with the strong support of Governor Cuomo and his Advisory Panel," said Port Authority Chairman John Degnan. "By utilizing an innovative public-private partnership in this endeavor, the agency is also taking another important step in bringing state-of-the-art financing techniques to the task of updating our region's airports and other critical infrastructure."
The Port Authority is rated Aa3 by Moody's Investors Service with a stable outlook.
