PANYNJ reaches agreement for USD9.5bn terminal construction project at New York JFK Airport

Port Authority of New York and New Jersey (PANYNJ) reached (13-Dec-2021) a revised agreement with The New Terminal One (NTO), a consortium of financial sponsors, to commence phased construction of a 2.4 million sqft terminal at New York John F Kennedy International Airport. The USD9.5 billion project will take place on the current Terminal 1, Terminal 2 and former Terminal 3 sites and will include 23 new gates, a new arrivals and departures hall, dining and retail amenities, lounge space, an indoor green space and the creation of over 10,000 jobs. Construction is slated to begin in mid 2022, with the first new gates scheduled to go live in 2026 before a full project completion around 2030. NTO will provide financing to cover the required investment for the terminal, while PANYNJ will undertake a number of infrastructure upgrades and improvements, including projects on roads, parking and utilities such as a new electrical substation. [more - original PR]