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Hochul Announces Revised JFK Terminal Deal

New York Gov. Kathy Hochul this week announced the Port Authority of New York and New Jersey (PANYNJ) has reached a revised agreement with The New Terminal One (NTO) – a consortium of financial sponsors – to build a $9.5 billion, 2.4-million-square-foot new international terminal that will anchor the south side of John F. Kennedy International Airport (JFK).

The project will be built in phases and will create more than 10,000 jobs, becoming the fourth major terminal project announced by the Port Authority as part of a complete transformation of JFK into a world-class airport. The New Terminal One will be the largest international terminal at JFK.

“As we recover from this pandemic, I want to ensure that everyone traveling to New York has a welcoming and streamlined experience, and that New Yorkers have the modernized transportation hubs they deserve,” Hochul said in a press release announcing the agreement. “The time to get large infrastructure projects done is now, and I’m committed to getting JFK’s brand new Terminal One underway and completed as soon as possible.”

The full cost of the terminal will be privately financed by the NTO consortium which includes financial partners Carlyle, JLC Infrastructure, and Ullico. A joint venture of Munich Airport International and CAG Holdings is the operating and technical services partner to the consortium.

The New Terminal One will be built on the site’s Terminal 1, the aging and obsolete 59-year-old Terminal 2, and the site of the former Terminal 3, demolished in 2013. As part of the project, the Port Authority will undertake a number of infrastructure upgrades, including roads, parking, and utilities including a new electrical substation. The project was initially scheduled to break ground in 2020.but the pandemic meant the agreement needed to be restructured.

Construction of the new terminal is scheduled to begin in mid-2022 and the first phase, including the new arrivals and departures hall and first set of new gates, is expected to open in 2026, with full completion in approximately 2030.

When completed, it will feature 23 gates, as well as bright and airy check-in halls and arrival spaces designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world. Customers will enjoy world-class, New York-inspired dining and retail amenities, as well as space for lounges, an indoor green space and family-friendly amenities. The New Terminal One will incorporate the latest advances in both sustainability and security and be infused a with uniquely New York sense of place.

“This agreement to build a new Terminal One at John F. Kennedy International Airport demonstrates the commitment of the Port Authority of New York & New Jersey and our private partners to deliver for our region through some of the most difficult times in our agency’s 100-year history,” said Kevin O’Toole, PANYNJ chairman. “Moving forward with this state-of-the-art international gateway, and the extraordinary level of private investment it brings, will create thousands of good-paying construction jobs critical to our recovery from the pandemic, while building the foundation of economic growth for decades to come.”

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