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The Port Authority's Board of Commissioners has voted unanimously to begin the first phase of the overall redevelopment of LaGuardia Airport by selecting LaGuardia Gateway Partners to develop a US$3.6 billion world-class facility to serve approximately 50% of the passenger volume at LaGuardia, consistent with the recommendations of New York Gov. Andrew Cuomo's Airport Advisory Panel.

The team beat out competition from two other shortlisted teams: LGAlliance and LGA Central Terminal Consortium. 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 will be developed on a build, finance, operation and maintenance (DBFOM) basis.

The new LaGuardia will be a world-class facility, and will be designed to seamlessly integrate with future amenities recommended by the Governor's Panel such as premier retail and dining space; a hotel; a conference and business center and other modern features that will generate revenue for the Port Authority. The amenities also will include transportation features such as an AirTrain, ferry service and a people mover to help passengers traverse the entire airport.

Construction of the project will be funded by a public-private partnership, with the private sector contributing more than US$2 billion and the Port Authority contributing more than US$1 billion to construct the airport and supporting infrastructure.

The new terminal design is not expected to cost significantly more than previously anticipated for the old replacement concept. The board's action also limits the cost of the new entry portal to no more than US$400 million, with construction based on future Board authorizations consistent with the Port Authority's Capital Plan process.

Port Authority Chairman, John Degnan, stated:

"With today's Board action, the Port Authority continues to follow through on its commitment to modernize LaGuardia Airport, with the strong support of Governor Cuomo and his Advisory Panel. By utilizing an innovative public-private partnership in this endeavor, the agency is also taking another important step in bringing state-of-the-art financing techniques to the task of updating our region's airports and other critical infrastructure."

Port Authority Vice Chairman, Scott Rechler, commented:

"For too long, LaGuardia has been the stepchild of our region's airports compared to JFK and Newark International. Today we took the first step in moving forward with a comprehensive master plan to redevelop LaGuardia into a 21st century, world-class airport that the State of New York deserves."

Stewart Steeves of Vantage Airport Group, President and CEO of LaGuardia Gateway Partners, added:

"We look forward to partnering with the Port Authority on this significant project for the city and state of New York. The team is ready to deliver an exceptional experience for the airport community and the travelers who will pass through the new terminal. We will develop a world-class facility and bring the level of operational expertise needed to deliver the airport New Yorkers deserve, both during construction and throughout long-term operations."

We have recently reported about several airport PPP projects globally:

• Hewanorra International Airport PPP project- Saint Lucia
• Lekki-Epe International airport concession - Nigeria
• Pouso Alegre international airport concession - Brazil
• Kansai and Osaka international airport concession - Japan
• Milas-Bodrum airport terminals concession - Turkey