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JFK To Get $9.5B Makeover Partly Funded By The Carlyle Group

A rendering of the $9.5B planned renovation to John F. Kennedy International Airport

New York City’s John F. Kennedy International Airport is in line for a new terminal that could cost nearly 11 figures in a revamp financed by a public-private partnership that involves the Carlyle Group.

Gov. Kathy Hochul announced the renovation Monday, with the total investment pegged at $9.5B, Bloomberg reports. The plan is to create a new Terminal 1 on the sites of Terminal 1, 2 and 3 at JFK.

“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,” Hochul said.

Construction on the 2.4M SF terminal would start next year, and the first of the 23 new international gates would open in 2026. The makeover would be paid for through a public-private partnership, with Washington, D.C.-based Carlyle Group, JLC Infrastructure and life insurance company Ullico as investors. The Port Authority of New York and New Jersey is set to build road and utility infrastructure that would support the new terminal.

In 2018, then-Gov. Andrew Cuomo revealed the details of an ambitious $13B makeover of JFK, which was set to include two large international terminals, The New York Times reported. The work has been mired in delays as a result of the coronavirus pandemic.

Meanwhile, LaGuardia Airport has just undergone an $8B renovation, and in July the Federal Aviation Administration approved the $2.1B LaGuardia AirTrain proposal.