The Port Authority of New York and New Jersey has selected LaGuardia Gateway Partners as the preferred bidder on the Terminal Replacement Project at LaGuardia Airport in New York, USA.
LaGuardia Gateway Partners is an operator-led consortium comprising the Vantage Airport Group, Skanska, Meridiam Infrastructure, Parsons Brinckerhoff, Walsh Construction and HOK.
The public private partnership (PPP) contract includes taking over operations of the existing Central Terminal Building and designing, building, financing, operating and maintaining a new replacement terminal for a lease term until 2050.
The selection enables LaGuardia Gateway Partners to enter into negotiation with the client in order to finalize the lease agreement and begin the process of achieving commercial and financial close. The project is expected to be financed using equity, debt, passenger facility charges, retail and airline revenues. The total value of the construction contract is estimated by the Port Authority of New York and New Jersey to be in the region of US$3.6bn.
Skanska’s share of the equity investment will be up to 40% and the share of the construction contract is 70%, which will be divided between Skanska USA Building and Skanska USA Civil. Construction is expected to start immediately following financial close in 2016.
