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Transactions - JULY 24, 2017

Delta approved for $4b LaGuardia Airport facility

by Andrea Waitrovich

The Port Authority of New York and New Jersey’s board of commissioners has approved a lease agreement with Delta Air Lines.

The airline will begin construction on its $4 billion, 37-gate facility at New York’s LaGuardia Airport in Queens.

The Port Authority will pay as much as $600 million toward construction, and Delta, in addition to signing a 33-year lease, will pay the balance of $3.4 billion plus cost overruns, according to Business Insider.

The redevelopment of Delta Air Lines’ facilities is part of the overall LaGuardia Airport project that broke ground in June 2016 involving the construction of the new overall roadway configuration, plus the LaGuardia Gateway Partners’ passenger terminal concourses on the western half of the new airport.

The public-private partnership between the Port Authority and LaGuardia Gateway Partners also includes Skanska USA, Vantage Airport Group, Meridiam, HOK and Walsh Group.

Other major renovations either under way or in the planning stages at NYC airports include the $2.4 billion terminal renovation at Newark Liberty International Airport in Newark, N.J., which recently broke ground, and the proposed $10 billion project at John F. Kennedy Airport in Queens, N.Y.

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