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LaGuardia Airport, which is to be upgraded through a public-private partnership (PPP) model, has been approved after a board meeting that showed divisions between members of the Port Authority of New York and New Jersey on how much the project is going to cost and how it should be managed.
The resolution was ultimately passed unanimously but with an asterisk: Port Authority of New York and New Jersey board members also voted to rewrite policies governing how large-scale projects like LaGuardia are approved.
This announcement comes after the scope of work was expanded last month to include building a new central hall to connect the new terminal to the rest of the airport and adding security screening and retail space and, potentially, a hotel. These modifications increased the PPP project original estimated cost from $3.6 billion to $5 billion, but according to sources, the project investment is now estimated at US$4 billion.
The 35-year lease project will be developed on a build, finance, operation and maintenance (DBFOM) basis. The scope of the project initially included:
In January the Port Authority of New York and New Jersey’s Board of Commissioners voted unanimously to begin the first phase of the overall redevelopment of LaGuardia Airport by selecting LaGuardia Gateway Partners to develop the world-class facility to serve approximately 50% of the passenger volume at LaGuardia.
The wining team is comprised of Vantage Airport Group, Skanska and Meridiam for development and equity investment; Skanska and Walsh Construction as the construction joint venture; HOK and Parsons Brinckerhoff as the design joint venture; and Vantage Airport Group for management of the operations.
The project is scheduled to be operational by the en of 2021.