PORT AUTHORITY BOARD ADVANCES REDEVELOPMENT OF LAGUARDIA AIRPORT WITH AUTHORIZATION OF WEST PARKING GARAGE TO SERVE NEW CENTRAL TERMINAL BUILDING

$230 million project will provide more than 3,000 parking spaces for new CTB

WASHINGTON, D.C. – November 14, 2013 – (RealEstateRama) — The Port Authority’s Board of Commissioners today authorized $230.4 million for design and construction of a 3,084-space garage on the west side of the planned $3.6 billion new Central Terminal Building project at LaGuardia Airport.

The garage serving the current, nearly half-century-old terminal will be razed to provide some of the footprint for the new, state-of-the-art terminal, allowing more room on the airfield side for 35 gates – the same number of gates in the existing terminal – to accommodate today’s modern aircraft designs. These improvements will help the agency meet increased passenger forecasts at the slot-controlled LaGuardia, which is on pace to set a record in excess of 27 million passengers this year with 34 million anticipated by 2030.

A public-private partnership is envisioned for creating the new Central Terminal Building, with private funding covering the estimated $2.5 billion cost of the new terminal, and the Port Authority covering approximately $1.1 billion in related infrastructure improvements, including the new west garage.

Designing and building the garage is expected to create 620 direct jobs and payroll wages of $55 million, with total economic activity translating to 1,120 direct and indirect jobs, $79 million in wages and $323 million in overall economic activity.

“This is an important step in our ongoing commitment to revitalize LaGuardia Airport to allow it to safely and efficiently move the 34 million passengers projected to use the facility by the year 2030,” said Port Authority Chairman David Samson. “This project represents another significant step in the Port Authority’s continuing efforts to increase operational capacity at our airports to accommodate the region’s air travel needs over the coming decades.”

“Modernizing LaGuardia Airport for the 21st century is critical to ensuring the Port Authority’s aviation facilities continue to meet the needs of the New York / New Jersey region,” said Port Authority Vice Chairman Scott Rechler. “LaGuardia is vital to the region’s transportation and economic success, and this action is another major step forward to providing travelers a truly a worthy gateway to our region.”

“More than 26 million people a year rely on LaGuardia Airport for their business or domestic travel,” said Port Authority Executive Director Pat Foye. “Convenient, secure on-airport parking just a short walk to their check-in gates is critically important to serving those customers.”

Today’s action follows previous board authorization of $190 million for design and construction of an 1,100-vehicle east parking garage and an east end substation at LaGuardia, projects that also will help facilitate the airport’s redevelopment. Additionally, in July the board approved another $255 million outlay for an array of site, building and utility modernization projects at the airport.

The new garage will include energy-saving innovations, such as more efficient lighting and enhanced, energy-efficient elevator and mechanical systems.

The effort to find a private partner for the new Central Terminal Building has been winnowed to four finalists, who received Request for Proposal applications in recent months, which are due April 15, 2014. Construction of the terminal is anticipated to start in the second half of next year.

Over the life of the Central Terminal Building’s general modernization/construction project, the Port Authority expects a total economic impact of 14,830 jobs, more than $1 billion in wages and more than $4.2 billion in overall economic activity.

CONTACT:
Port Authority of New York and New Jersey
212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.