Port Authority of New York and New Jersey in the US has selected Skanska as the preferred bidder for the $3.6bn Terminal Replacement project at LaGuardia Airport.

The Public Private Partnership (PPP) contract has been awarded to LaGuardia Gateway Partners, which is part-owned by Skanska.

According to the contract, LaGuardia Gateway Partners will take over operations at the existing Central Terminal Building. The company will work as a private development team on the design, building, financing, operating and maintenance of a replacement airport terminal.

The contract will be valid for a lease term through to 2050, Skanska said.

"The new, world-class terminal will feature a central entry portal to the airport and link its four disconnected terminals."

Phase one of the redevelopment initiative will include demolition of the Central Terminal Building. In its place, the new, world-class terminal will feature a central entry portal to the airport and link its four disconnected terminals.

Design for the upgrade is expected to account for integrating future amenities, such as premier retail and dining space, a hotel, a conference and business centre.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The planned work is expected to generate a greater revenue for the Port Authority.

LaGuardia Gateway Partners will also equip the airport with transportation facilities, including AirTrain, a ferry service and a people mover.

The partnership includes Vantage Airport Group, Skanska and Meridiam as developers and equity investors. While Skanska and Walsh Construction are the constructors in the joint venture, HOK and Parsons Brinckerhoff are operating as the designers.

Vantage Airport Group will be responsible for management of the operations under the partnership.