Port Authority to contribute $600M to next phase of LaGuardia project

Delta is still in the design phase of the redevelopment

TRD New York /
Jul.July 21, 2016 05:35 PM

The second phase of LaGuardia Airport’s $8 billion redevelopment will get a $600 million boost from the Port Authority of New York and New Jersey.

The agency on Thursday approved a contribution of up to $600 million to rebuild Delta’s Terminals C and D into a combined single facility that will connect to Terminal B, officials announced in a statement. Port Authority also plans to ink a lease with Delta for the new terminals that will run through 2050.

Gov. Andrew Cuomo on Thursday touted the agreement as the final piece in plans to create a new, unified airport. Last month, officials broke ground on the first phase of the project, the rebuilding of Terminal B.

At the time, Cuomo said the estimated cost of the whole project would weigh in at $7 billion, but the latest estimates show the cost to be $8 billion. Port Authority has been at odds about the cost projections for the first phase of project, unable to agree whether the project will cost $4.3 billion or $5 billion.

Delta, which is still in the design phase of its portion of the airport redevelopment, is financing a majority of its portion of the project. LaGuardia Gateway Partners — which includes Skanska, Vantage Airport Group and Meridiam Infrastructure — is the design-build team for the first phase of the airport project, the demolition and rebuilding of Terminal B.


Related Articles

arrow_forward_ios

More market-rate units may be coming to this LES NYCHA complex

Blackstone buys LaGuardia warehouse for $56M with financing from Nuveen

NYC’s top 10 finance deals of 2018

Construction starts picked up in 2017, thanks to large institutional and public works projects

Delta seeking $3.6B for its portion of LaGuardia revamp

Sam Chang scoops up Holiday Inn LaGuardia for $38M

Cost of LaGuardia redevelopment flies up to $8B

LaGuardia redevelopment to cost estimated $7B

arrow_forward_ios