Governor Hochul Announces Construction of a $4.2 Billion New Termina

New Terminal 6 has Final Environmental Approval in Hand From the Federal Aviation Administration

All JFK Projects Put on Hold During the Pandemic Now Moving Forward

JFK Millennium Partners Slated to Deliver State-of-the-Art, 1.2 Million Square Foot, 10-Gate Terminal, Under a Lease Approved by the Port Authority Board of Commissioners in 2021

First Gates Open in 2026 with Project Completion Expected in 2028

Realizes the JFK Vision Plan for a 21st Century Airport with World-Class Passenger Amenities, Expanded Taxiway and Gate Capacity, State-of-the-Art Security and Streamlined Roadway Access

Will Connect Seamlessly to JetBlue's Terminal 5 with Shared Exterior Facilities to Efficiently Serve Passengers

Project will Create 4,000 Jobs, Including 1,800 Union Construction Jobs, and will Adhere to the Port Authority's Commitment to 30 Percent MWBE Participation

Governor Kathy Hochul announced today that construction of a new, world-class Terminal 6 at JFK International Airport will move forward early next year now that financial investments have been made and approvals have been secured for the first phase of the privately financed project, expected to cost $4.2 billion. This project is the final piece of the JFK Vision plan to get underway, and it will complete the transformation of the airport into a 21st century global gateway.

"JFK International - the nation's door to the world - will soon be worthy of New Yorkers, providing an unparalleled passenger experience," Governor Hochul said. "This historic $18 billion investment will not only transform JFK into a world-class airport, but also create 4,000 jobs in the process, and I thank everyone who put in the years of hard work to move this project forward."

The new Terminal 6 is a public-private partnership between the Port Authority of New York and New Jersey and JFK Millennium Partners - a consortium that includes Vantage Airport Group, an industry leading investor, developer, and manager of award-winning global airport projects, including LaGuardia Terminal B; American Triple I, a certified minority-owned investor, owner, developer, and manager of infrastructure assets; New York real estate operating company RXR; and JetBlue Airways. The JMP consortium will develop the new terminal in two phases, with the first new gates opening in 2026 and project completion anticipated in 2028.

Approved in August 2021 by the Port Authority Board of Commissioners, the 1.2 million-square-foot Terminal 6, with capacity for 10 gates -- including nine wide body gates -- will connect seamlessly to JetBlue's Terminal 5. Terminal 7's current primary tenant, British Airways will move to a modernized and expanded Terminal 8 later this year, and the 60-year-old Terminal 7 will be demolished after the first phase of Terminal 6 is completed. The connected terminals spanning the current T6 and T7 sites will create an anchor for passenger travel on JFK's north side.

The new Terminal 6 arrivals and departures hall will feel spacious, bright and airy thanks to floor-to-ceiling windows and high ceilings throughout the new terminal. Inspiring public art by New York-based artists and architectural elements depicting New York landmarks will create a unique sense of place. Passengers will enjoy more than 100,000 square feet of world-class shopping and dining featuring locally-based restaurateurs, craft beverage options and Taste NY stores.

State-of-the-art technology will improve the customer experience with touchless technology from check-in to gates and digital systems that will streamline the passenger journey throughout the terminal. Advanced security systems will include automated TSA security lanes, biometric-based access control systems and a flexible design to accommodate future technology and/or regulatory changes. A convenient taxi plaza as well as designated for-hire vehicle pick-up areas will be shared with Terminal 5, substantially reducing traffic congestion on the terminal road frontage and maximizing connectivity across the airport.

As part of the agreement with JFK Millennium Partners, the Port Authority will commit $130 million in capital funding to build enabling infrastructure for the new Terminal 6, including airside improvements and utility enhancements such as electrical support for the project. Enhanced airside aircraft circulation will reduce congestion and delays, while roadway improvements will optimize airport traffic flow.

The development of Terminal 6 is expected to create more than 4,000 jobs, including 1,800 union construction jobs, and direct wages of $1.9 billion. JMP is committed to meeting and exceeding the Port Authority's goal of 30 percent participation by Minority- and Women-Owned Business Enterprises and creating opportunities to foster and grow local businesses through the development. The Terminal 6 project is part of the Port Authority's $18 billion transformation of JFK under the leadership of Governor Hochul.

In addition to JetBlue, Lufthansa Group will also make its home in the new Terminal 6, operating international flights out of several gates and creating a world-class lounge experience for guests travelling on its airlines, which include Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines.

Port Authority Executive Director Rick Cotton said, "The financial close on a new Terminal 6 allows us to move forward with the final piece of our plan to transform JFK International Airport into one of the world's great global gateways. The $4.2 billion private investment in Terminal 6 by JFK Millennium Partners is a vote of confidence in our vision for a new JFK and in the future of our region. We want to thank New York Governor Kathy Hochul, U.S. Senate Majority Leader Chuck Schumer, Deputy Secretary Polly Trottenberg of the U.S. Department of Transportation, U.S. Congressman Gregory Meeks, Queens Borough President Donovan Richards, and the leadership and staff of the Federal Aviation Administration in Washington, in Region 2, and at JFK Airport. Without their support, getting this important project to financial close would not have been possible."

Port Authority Chairman Kevin O'Toole said, "Today's announcement that we are moving forward with a new Terminal 6 should leave no doubt about the Port Authority's commitment to create world-class airports for our region. Just as we have done at LaGuardia, where we completed a new airport this year, and at Newark Liberty, where we will soon open a new Terminal A, the Port Authority and its private partners are making unprecedented investments in the future of our region while demonstrating our ability to complete extraordinary projects that will generate economic growth for decades to come."

George Casey, Board Chair, JFK Millennium Partners and Chair & CEO, Vantage Airport Group, said, "We're honored to join our partners at the Port Authority of New York and New Jersey in today's announcement. We've assembled a first-class team, led by Vantage and backed by Corsair, our shareholder and the project's principal financial sponsor, to deliver a new international Terminal 6 that will transform the guest experience through intuitive design, exceptional amenities, and best-in-class operations, as well as demonstrate the power of strong public private partnerships to deliver extraordinary airport infrastructure for our communities."

JFK Millennium Partners CEO and Vantage Executive, Helena Williams, said, "We are delighted to mark today's financial close milestone of the $4.2 billion dollar project to create a new, world-class Terminal 6 anchoring the north side of JFK. Working with our partners at the Port Authority of New York and New Jersey, Vantage Airport Group, ATI, RXR, and JetBlue, we are ready to bring an unprecedented level of economic activity to southeast Queens with construction jobs and opportunities for minority and women owned businesses as we build a state-of-the-art terminal at one of the nation's most important international gateway airports."

Robin Hayes, Chief Executive Officer, JetBlue, said, "New York is in JetBlue's DNA and inspires everything we do. Today's financial close allows us to help introduce another world-class terminal in our home of the Big Apple. We are thrilled to work alongside The Port Authority of New York and New Jersey and with JFK Millennium Partners to modernize JFK and bring our unique brand and culture to even more New Yorkers in a brand-new terminal. Thanks to our Northeast Alliance with American Airlines, JetBlue's presence in New York has never been greater and the new Terminal 6 project will only accelerate our growth in the years to come."

David J. Cibrian, CEO, ATI, said, "ATI is honored to join with our consortium partners of Vantage, RXR, and JetBlue on today's announcement, and we are proud to have played our part as an infrastructure fund manager and equity owner in the development and financing of the new international Terminal 6. This project brings a $4.2 billion public-private partnership to the redevelopment of JFK Airport as well as to the broader NY region. ATI is deeply appreciative of the Port Authority of New York and New Jersey for their visionary leadership in ensuring there are opportunities for MWBE firms at all levels of this project. We likewise thank the local communities surrounding JFK for their partnership and continued support as JMP continues to bring economic development and opportunity to Southeast Queens."

Scott Rechler, Chairman & CEO, RXR, said, "We can no longer use the playbooks of the past to advance the region's most critical infrastructure projects. There is no better way to leverage public resources and unlock private sector investment and innovation than through public-private partnerships. After years of planning and navigating a global pandemic, we're proud to advance the Port Authority's latest public-private partnership with a new world-class air terminal at JFK International Airport."

Transforming JFK Into a World-Class Global Gateway
In January 2017, the JFK Vision Plan was announced to transform John F. Kennedy International Airport into the world-class airport that New Yorkers deserve. The Vision Plan provides a strategic framework for the Port Authority and its partners to completely redevelop, modify and expand existing facilities and infrastructure. The new Terminal 6 builds on the momentum of the other three major components of the airport's transformation already underway. The $9.5 billion development of a state-of-the-art New Terminal One that will anchor the airport's south side broke ground in September 2022. The $1.5 billion expansion of Terminal 4, led by Delta Air Lines and JFK International Air Terminal, was approved in the spring and is now under construction. Additionally, work began in December 2019 on the $400 million modernization of Terminal 8, led by American Airlines, which operates the terminal, and British Airways, which will be relocating to Terminal 8 from Terminal 7, once the project is complete by the end of this year.

All of the privately financed terminal projects combined with the Port Authority's roadway, parking and infrastructure projects represent an $18 billion transformation of JFK International and an extraordinary series of public-private partnerships. The Port Authority capital investment of $2.9 billion is leveraging private investment at a rate of more than five to one when taking into account the full private investment of more than $15 billion that has been committed to the four projects comprising the full JFK redevelopment program.

Redeveloping JFK Airport in Lockstep with the Local Community
In 2018, the JFK Redevelopment Community Advisory Council was formed. It is co-chaired by U.S. Representative Gregory Meeks and Queens Borough President Donovan Richards, and is composed of elected officials, community boards, business and nonprofit organizations, civic organizations, and clergy leaders from the targeted local communities of Southeast Queens, Southwest Queens, the Rockaways, and western portions of Nassau County.

Since its inception, the Council has been working with the Port Authority to expand community outreach efforts and develop community-focused programs, ensuring that this ambitious project solicits ongoing feedback from local stakeholders and provides meaningful opportunities for local businesses, MWBEs, students, and jobseekers.

This includes programming to advance the Port Authority's commitment to a 30 percent MWBE contracting goal in all categories of work, and a special focus on opportunities for local businesses across all aspects of the JFK Redevelopment program, including this terminal project, which will be built by union labor under a full project-labor agreement. Other community development initiatives prioritized by the Council focus on job opportunities and workforce development programs for local residents, small business outreach and development, and educational programming for local students.