THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY BOARD ADVANCES REDEVELOPMENT OF LAGUARDIA AIRPORT

Date: Mar 20, 2013
Press Release Number: 32-2013

Approval of construction of East Parking Garage is first step in redevelopment of LGA,which will include replacement of the outdated Central Terminal Building.

The Port Authority's Board of Commissioners today authorized an $82.9 million design and construction of a new East Parking Garage at LaGuardia Airport. The move is a critical early step toward the airport's modernization that will culminate with the replacement of the nearly half-century-old Central Terminal Building (CTB).

Approximately 1,100 vehicle spaces will be included in the new lot, which crews will build opposite Terminal C, home to Delta Air Lines. The new garage will accommodate the increasing volume of Delta passengers using Terminals C and D, as the airline modernizes both of those terminals.

Work will begin this year and is scheduled for completion by February 2015, prior to the demolition of Parking Lot 2 where the new Central Terminal Building will be located.

The Port Authority estimates the project will directly and indirectly create 500 jobs, $33 million in wages and $140 million in economic activity. Currently, there are seven parking lots consisting of 6,800 public spaces at LaGuardia, producing almost $41 million in gross revenues and about $24 million in net revenues annually.

"The Port Authority has invested hundreds of millions of dollars to transform its airports into world-class facilities," said Port Authority Vice Chairman Scott Rechler. "This project continues that effort and will ensure there is sufficient parking to address our projections for substantial growth in air travel at this vital aviation facility in the decades to come."

"This project will create hundreds of construction jobs and tens of millions of dollars in wages," said Port Authority Executive Director Pat Foye. "In addition, today's vote to design and construct the new LaGuardia parking garage moves us closer to bringing another state-of-the-art passenger facility to one of the busiest airports in the country."

The Port Authority operates the busiest commercial aviation system in the United States. Its portfolio of airports includes John F. Kennedy International Airport, LaGuardia Airport, Newark Liberty International Airport, Stewart International Airport, and Teterboro Airport.

CONTACT: Port Authority of New York and New Jersey

212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency's network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in New York. The Port Authority receives no tax revenue from either the state of New York or New Jersey or from the City of New York. The agency relies on revenues generated by facility users, tolls, fees and rents as well as loans, bond financing, and federal grants to fund its operations. For more information, please visit http://www.panynj.gov.


Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency's network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in New York. The Port Authority receives no tax revenue from either the state of New York or New Jersey or from the City of New York. The agency relies on revenues generated by facility users, tolls, fees and rents as well as loans, bond financing, and federal grants to fund its operations. For more information, please visit http://www.panynj.gov.