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18-Nov-2022 3:24 PM

New York JFK Airport to commence USD4.2bn Terminal 6 project in 1Q2023

New York's Governor Kathy Hochul announced (17-Nov-2022) the USD4.2 billion Terminal 6 construction project at New York John F Kennedy International Airport is scheduled to commence in 1Q2023, following a financial close and lease signing and US FAA environmental approval for Phase I of the project. The 1.2 million sqft facility is a public-private partnership (PPP) between Port Authority of New York and New Jersey (PANYNJ) and JFK Millennium Partners (JMP) and will feature 10 gates, connection to JetBlue Airways' Terminal 5, advanced security processing technology and over 100,000sqft of restaurant and retail concessions space. PANYNJ will commit USD130 million in capital funding towards enabling infrastructure as part of the PPP, including airside improvements and utility enhancements such as electrical support. The terminal will be constructed in two phases, with the first new gates to open in 2026 and project completion anticipated in 2028. The project is expected to create over 4000 jobs and direct wages of USD1.9 billion. Vantage Airport Group will the principal developer and operator of the new terminal, with Corsair Capital serving as the project's principal financial sponsor. [more - original PR - I] [more - original PR - II]

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