Former DASNY head to lead JFK Airport terminal project

After spearheading large capital projects at New York State’s nonprofit entities, Dr. Gerrard Bushell is set to tackle a $7 billion infrastructure initiative at one of the world’s major airports.

Dr. Bushell, who departed as Dormitory Authority of the State of New York president & CEO last week, was appointed executive chair of The New Terminal One Development Project at John F. Kennedy International Airport. The $7 billion, 2.9 million-square-foot terminal Bushell is now charged with delivering is part of the Port Authority of New York and New Jersey’s $13 billion JFK modernization plan, slated to include $12 billion of private funding.

The New Terminal One Development Project team features a consortium of four international airlines—Lufthansa, Air France, Japan Airlines and Korean Air Lines. The group includes financial partners The Carlyle Group, CAG Holdings, JLC Infrastructure, Ullico and Munich Airport International. CAG Holdings is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund led by a U.S.-based team that has managed more than 70 airport projects globally.

“I look forward to joining the strong, innovative and diverse New Terminal One Development Project and CAG teams,” Bushell said in a statement. “Together, we will deliver the world’s premier gateway to New York and the United States and support the Port Authority of New York and New Jersey and their local communities in meeting their objectives.”

The New Terminal One Development Project at JFK would replace two terminals that are 56 and 20 years old and take up space where another terminal was demolished in 2014. The new larger facility will yield a net increase of over 2 million square feet from the existing terminals and accommodate larger, wide-body aircraft.

Bushell is taking flight with the JFK project after turning DASNY into the nation’s No. 1 municipal bond issuer during four and a half years leading the conduit agency that sells debt for clients in higher education, health services and the sciences. DASNY issued $35 billion of bonds during Bushell’s tenure and in 2018 led the country in municipal borrowing with $9.5 billion. For the 2019 fiscal year that ended March 31, DASNY broke its previous financing record set in 2016 by closing about $8.7 billion in bond issues.

“Gerrard’s deep understanding of the New York infrastructure market will help ensure that our vision for the New Terminal One Development Project is delivered in concert with the JFK and Queens communities,” Amit Rikhy, president and CEO of CAG Holdings, said in a statement. “Furthermore, his deep understanding of public-private partnerships will strengthen CAG’s experienced management team and help us execute our strategy.”

Soon after Bushell was appointed to lead DASNY by New York Gov. Andrew Cuomo in April 2015, Bushell overhauled the conduit’s borrowing process to enable quicker market access for issuers with at least a single-A rating. He also bolstered alternative procurement methods such as design-build to expedite infrastructure projects, which led to a construction pipeline of 1,050 projects valued at roughly $6.9 billion.

“This is a very important project involving critical infrastructure that will benefit from the strong leadership and vision that Gerrard brings,” JLC Managing Partner Jim Reynolds said in a statement. “Gerrard’s mix of public and private sector experience positions him well to provide leadership and deliver on the goals of all stakeholders.”

Before his stint at DASNY, Bushell was a senior relationship adviser for BNY Mellon's alternative and traditional investment management businesses. Bushell previously held senior advisory roles at Kohlberg Kravis Roberts & Co., Arden Asset Management and Legg Mason affiliate ClearBridge Advisors.The Columbia University alumnus started his career in state government as a senior officer to former Comptroller Carl McCall.