Major upgrade of Terminal B at LaGuardia.
The LaGuardia Gateway Partners (LGP) consortium reached financial close on the LaGuardia Central Terminal B Redevelopment Project in June 2016, with LGP executing a lease agreement with the Port Authority of New York and New Jersey (PANYNJ).
The Public Private Partnership includes the finance, design, construction, operation and maintenance of the LaGuardia Airport Central Terminal B in New York City, USA, with a lease term through 2050.
Central Terminal B was commissioned in 1964 with a design capacity of eight million passengers per year.
The aging terminal currently serves more than 14 million passengers annually. The new 35-gate, 1.3 million square foot facility will be managed by LGP to provide a 21st century passenger experience in customer service, amenities, and retail offerings.
The Project is financed using equity, debt, PANYNJ milestone payments, as well as retail and airline revenues. Debt entails about $2.4 billion of bonds, which priced in May 2016 and reached financial close in June 2016. In addition, the Port Authority will contribute over $1 billion in funding.
The project has a goal of procuring 30% of sub-contracts during construction with Minority and Women Owned Business (MWBE) contracting firms. Over $839m in contract value has been awarded or pending with MWBE firms (112% of target).
Regular outreach activities are held with the local Queens community related to MWBE opportunities and general project updates with local leaders and community groups.
Since the start of construction, 90% of construction and demolition waste has been diverted from landfills for recycling.
The project has set high goals for airport disadvantage business enterprises (ACDBE) participation in the retail and food & beverage concessions. In 2019 the project was recognized by the Institute of Sustainable Infrastructure with the Envision Platinum award for its resilience and sustainability.(1)
In July 2021, Terminal B has been awarded LEED v4 Gold certification for the completed phases of the new terminal, which encompasses the Arrivals & Departures Hall, Eastern Concourse, Eastern Pedestrian Bridge and the Central Heating and Refrigeration Plant.
Passengers a year(2)
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