Airports Flying High in the Southeast
October 28, 2015 1:44 PM
Five big southeast airports have major capital plans underway, including Ft. Lauderdale-Hollywood International Airport, for which Broward County, Fla. is selling $489 million of revenue bonds Oct. 29. A 285,000-square-foot concourse in terminal 1, as shown in this rendering, is part of the airport's $2.4 billion capital program. Airport improvements at Ft. Lauderdale include terminal renovations and related projects such as a new baggage system. Traffic Growth Helps Spur Fort Lauderdale Airport Deal
This aerial photo shows progress on terminal 4 at Fort Lauderdale-Hollywood International Airport. Broward County, which owns the airport, is in the midst of a $2.4 billion capital plan that included a new 8,000-foot-long runway completed on time and under budget in the fall of 2014. Rising passenger numbers and new airlines are pushing new terminal projects. Enplanements at Fort Lauderdale have risen 9.5% so far this year, making it the fastest-growing airport in terms of passengers in the Southeast, according to Fitch Ratings. Traffic Growth Helps Spur Fort Lauderdale Airport Deal
The centerpiece of a $760 million capital plan at Louis Armstrong New Orleans International Airport is a new terminal shown in this rendering. The New Orleans Aviation Board issued $565 million of revenue bonds in February for the project. Passenger levels rose by 9% in New Orleans in the first six months of this year, the second-highest enplanement growth rate in the Southeast, Fitch Ratings said. Passenger demand is sparking bond-financed capital improvement programs at five major Southeast airports. Traffic Growth Helps Spur Fort Lauderdale Airport Deal
The intermodal facility in this image is part of a $3 billion capital improvement program at Orlando International Airport. Various transportation options will be available at the facility, including All Aboard Florida's private passenger train service to Miami and the local commuter system called SunRail.The Greater Orlando Aviation Authority issued $214 million of revenue bonds on Oct. 1 to finance part of its CIP, which includes numerous upgrades and expansion projects. In the first six months of this year, enplanements at Orlando were up 7.6%, well above the 3.9% average increase in passengers across the U.S., according to Fitch Ratings. Traffic Growth Helps Spur Fort Lauderdale Airport Deal
Tampa International Airport's main terminal, depicted in this rendering, will be expanded as part of the airport's multi-year, $2.5 billion master capital improvement plan. The Hillsborough County Aviation Authority issued $322 million of revenue bonds in July to partly finance the multi-year CIP, which includes a consolidated rental car facility, new automated people mover, concession redevelopment, and taxiway improvements. The work plan is the largest in four decades at Tampa, where enplaned passengers increased by 4.3% in the first six months of this year over the same period in 2014, Fitch Ratings said. Traffic Growth Helps Spur Fort Lauderdale Airport Deal
Miami International Airport completed a $6.5 billion capital improvement program in 2014, on time and within budget. MIA is now beginning a $1.15 billion capital plan through 2025 mainly to complete terminal projects. Miami-Dade County, which owns the airport, issued $536.8 million of revenue bonds in June. While most of the proceeds were used to refund outstanding bonds, $75 million in new money financed the first phase of the "terminal optimization program." According to Fitch Ratings, enplanements in Miami were up 3.6% in the first half of 2015 and the airport has seen its passenger rates grow annually since 2010. In the U.S., Miami was the 12th busiest U.S. airport for total passengers and the second-busiest for international travelers in 2014, according to the Airports Council International. Traffic Growth Helps Spur Fort Lauderdale Airport Deal
