The Real Deal New York

Skanska-led group to helm $4B LaGuardia overhaul

Port Authority taps team of developers and financial firms for the project

May 28, 2015 03:55PM

LaGuardia Airport

LaGuardia Airport and Skanska’s Richard Cavallaro

The Port Authority of New York and New Jersey selected a consortium led by Swedish construction firm Skanska to undertake a $4 billion overhaul of LaGuardia Airport’s Central Terminal.

The agency announced Tuesday that it had chosen LaGuardia Gateway Partners – a group consisting of Skanska, airport operator Vantage Airport Group and a number of financial firms including Meridiam and Morgan Stanley – to refurbish the 1.3 million-square-foot terminal building.

The group beat out rival LGC Central Terminal Consortium, a joint venture comprised of Tutor Perini, Aeroports de Paris, TAV Construction, Goldman Sachs, Suffolk Construction, STV, Arup and Kohn Pedersen Fox, according to Crain’s.

The deal to renovate the terminal is not yet complete, with the Port Authority to negotiate and finalize an agreement over the development with LaGuardia Gateway Partners in the coming months.

That process could be complicated by a design completion initiated by Governor Andrew Cuomo – the results of which were presented late last month and called for the creation of a “great hall” main entrance at the terminal. [Crain’s]Rey Mashayekhi