Transactions - APRIL 20, 2017

Tampa, Fla., airport unveils $543m phase II construction

by Jody Barhanovich

The Hillsborough County (Fla.) Aviation Authority has unveiled a $543 million phase II construction plan for Tampa International Airport, according to news sources. The new plan is part of Tampa International Airport’s $2.3 billion long-term construction master plan.


The construction will widen the George Bean Parkway — the main road in and out of the airport — and add a new exit lane and an airport express drop-off spot. A new airport energy plant is also planned.


Located near the new expansion will be the Gateway, a commercial development that will feature a transit hub, two hotels, an eight-story office building, a gas station-convenience store and a 20,000-square-foot retail strip center that could include restaurants or a pet hotel.

Construction on the new phase is scheduled to begin in 2019, and to be completed by 2023.

Still under way is the Tampa International Airport’s $971 million first phase, which includes restaurants, retail and a rental car center. Construction on the third phase, which will cost approximately $798 million, is tentatively scheduled to begin in 2023 and will feature a new 16-gate terminal that can handle both international and domestic flights, according to news sources.

Similar to the Tampa airport project, many U.S. airports are undergoing renovation to modernize and keep pace with an increase in air travel. Ronald Reagan National Airport in Arlington, Va., for example, is preparing for a $1 billion renovation that includes a $245 million security checkpoint area and a $408 million concourse.

San Francisco’s airport is planning an eight-year, $2.4 billion terminal replacement as well, while Salt Lake City’s airport is expecting an estimated $2.6 billion overhaul. Chicago’s O’Hare International Airport is adding a third runway for $649 million and Hartfield-Jackson Atlanta International Airport is in the first phase of a 20-year, $6 billion renovation and expansion.

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