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JFK Airport’s $9.5B New Terminal One Breaks Ground
Two years after the originally scheduled start of construction, groundbreaking has taken place on a $9.5-billion, privately financed New Terminal One at John F. Kennedy International Airport. The groundbreaking follows a revised agreement late last year between the Port Authority of New York and New Jersey and a consortium of financial sponsors.
The severe impact of the COVID-19 pandemic on air travel led to the Port Authority and the New Terminal One (NTO) consortium restructuring the previous agreement to build and operate the new terminal. This past June, the Port Authority’s Board also voted to approve a new lead investor in the project.
Ferrovial, a global airport operator with experience building world-class terminals, acquired 96% of The Carlyle Global Infrastructure Fund’s 51% stake in NTO. The consortium, which also includes financial partners ULLICO and JLC Infrastructure, will design, build and operate the 2.4-million-square-foot terminal.
- ◦Development
- ◦Financing
