The New Terminal One project at John F. Kennedy International Airport has concluded a historic $2.55 billion green bond issuance, the largest ever municipal bond financing for an airport project. The Series 2024 Special Facilities Revenue Bonds were initially marketed at $1.5 billion, but due to investor demand, the issuance was ultimately upsized to $2.55 billion.
The New Terminal One is a key component of the Port Authority of New York and New Jersey’s $19 billion transformation of JFK Airport into a world-class gateway, with two new terminals, two expanded and modernized terminals, a new ground-transportation center and an entirely new, simplified roadway network.
Scheduled to open in 2026 with full completion in 2030, the New Terminal One will offer a total of 23 gates in a 2.6 million-square-foot facility spanning a 133-acre footprint at full buildout. It will replace the existing Terminal 1 and the former Terminals 2 and 3 and will handle anticipated annual tra
