The total value of the construction contract is estimated by the Port Authority to be about US$3.6bn (£2.35bn).
The public-private partnership contract includes taking over operations of the existing central terminal building and designing, building, financing, operating and maintaining a new replacement terminal.
LaGuardia Gateway Partners made up of Vantage Airport Group, Skanska and Meridiam for development and equity investment; Skanska and Walsh Construction as the construction joint venture; HOK and Parsons Brinckerhoff as the design joint venture; and Vantage Airport Group for management of the operations. The team will now enter into negotiation with the client in order to finalise the lease agreement and begin the process of achieving commercial and financial close.
Skanska’s share of the equity investment will be up to 40% and its share of the construction contract is 70%, which will be divided between Skanska USA Building and Skanska USA Civil. Financial close, is expected to be in 2016, with construction beginning straight afterwards.