The $4 billion renovation of LaGuardia Aiport will get underway this summer after the public-private partnership deal for the project was finalized on Wednesday, Crain's reports. The project is a collaboration between the Port Authority of New York and New Jersey and LaGuardia Gateway Partners. The latter group comprises of airport operator, Vantage Airport Group, investment company, Meridiam, and construction firm, Skanska.
Accompanying this announcement are several new renderings for the project as well.
LaGuardia Gateway will begin work this summer with the demolition of a parking garage in front of the existing terminal building. This will be the location of the new, 1.3 million square foot terminal, which will be created with an innovative bridges-and-islands design to allow for better airline circulation, more flexibility for passengers to reach gates, and reduce delays.
Already, $2.5 billion have been raised for the construction. Of the total funds, the consortium of developers will provide $1.8 billion, and the Port Authority will contribute $2.2 billion. LaGuardia Gateway will receive a part of the revenue generated at the new terminal from tenants and airline fees, and in turn will be responsible for overseeing the construction and ensuring that it is completed on time.