Tishman, big banks make final cut for $2.4B LGA terminal

August 01, 2013 08:30AM

Tishman Construction and a host of big banks are finalists in the race to put up a new $2.4 billion terminal at LaGuardia Airport, Crain’s reported.

The Port Authority of New York and New Jersey has tapped four partnerships of developers, architects and financial giants. The one with the biggest power players is called LaGuardia Gateway Partners, which includes Tishman and financial giants Morgan Stanley, Wells Fargo and Citigroup.

More than a dozen groups competed for the project, which calls for 1.3 million-square-foot terminal to replace a 835,000-square-foot one that opened in the mid-1960s. The new building, which will have the same number of gates — 35, is expected to be completed in 2021.

The winning bidder will pay for the building, but pocket a cut of the revenue from airline leases and rents from stores and restaurants.

“We’re thrilled that the Port Authority is making real progress advancing an innovative public-private partnership to bring LaGuardia Airport into the 21st century,” Thor Equities’ Joseph Sitt, who has been advocating for change at the city’s airports, told Crain’s.

“The project should ultimately serve as a model for bringing private sector resources into modernizing airport infrastructure,” Sitt added.  [Crain’s] — Hiten Samtani