- New York Gov. Andrew Cuomo announced plans Wednesday for a $10 billion expansion and redevelopment of New York City’s John F. Kennedy International Airport, according to The Real Deal.
- The price tag for additional terminals and a reworking of existing ones so that they all connect to each other is expected to cost as much as $8 billion, with traffic-easing improvements to the roads leading to JFK costing approximately $2 billion.
- Cuomo, along with Dan Tishman of AECOM and Tishman Construction, told those in attendance at an Association for a Better New York meeting that private terminal operators will most likely fund the terminal portion of the project and will work with the Port Authority of New York and New Jersey on all aspects of the work.
Tishman also heads up the governor’s airport task force and served in an advisory capacity on the LaGuardia Airport renovation that is currently underway. Tishman, according to the Commercial Observer, said that private equity could be made available for the JFK overhaul, but that it would mean each terminal would share common elements, like retail, meeting space and restaurants.
Some officials have compared the possible private financing plan to that of the $4 billion public-private partnership the Port Authority entered into with the Skanska USA-led LaGuardia Gateway Partners consortium. The group arranged financing for and designed the project, and it expects to substantially complete construction for the expansion in 2022. Gateway Partners will then carry on with a 35-year operation and maintenance agreement.
Cuomo continues to make waves in the infrastructure world. Last January, he introduced a $100 billion infrastructure plan, which, at the time, focused on a $3 billion Penn Station renovation, a $22 billion overhaul of upstate roads and bridges, a third track for the Long Island Rail Road and a $1 billion facelift and expansion at the Javits Center, New York City's primary convention and meeting venue.