Sessions for $3.6 billion project will be held at LaGuardia Airport Marriott
WASHINGTON, D.C. – May 7, 2014 – (RealEstateRama) — The Port Authority will host an information meeting on Thursday afternoon with a public hearing to follow in the evening on the agency’s proposed $3.6 billion public-private partnership to build a new Central Terminal Building within an overall redevelopment of LaGuardia Airport for the 21st century.
The sessions’ focus will be on the project’s pending draft environmental impact on Thursday, May 8 from 3-6 pm with the public hearing from 7-9 p.m., with both events at the LaGuardia Airport Marriott, located at 102-05 Ditmars Boulevard across the Grand Central Parkway from the airport.
Opened a half-century ago, the current Central Terminal Building has become obsolete, handling roughly five million passengers more annually than the eight million it was designed to accommodate. The new terminal will easily handle the projected 17 million passengers anticipated by 2030 by accommodating larger aircraft at state-of-the-art gates.
The Port Authority anticipates a private consortium will take on the $2.5 billion cost of the new terminal, while the agency covers approximately $1.1 billion of related infrastructure costs for the redevelopment.
Port Authority of New York and New Jersey
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.