Denver City Council has approved a $1.8bn public-private partnership to redesign the Jeppesen Terminal at Denver International Airport.
The project, which is the largest PPP in the city’s history, will "greatly enhance security, increase capacity, improve passenger flow and return the terminal to a passenger oasis", according to the council.
The total amount of the contract with Great Hall Partners, the PPP consortium, is capped at $1.8bn, which includes operations and maintenance for 30 years.
The private sector team is led by Ferrovial Airports and includes local contractor Saunders Construction and, as funder, JLC Infrastructure, a partnership between Chicago-based investor Loop Capital and Magic Johnson Enterprises.
Great Hall Partners and Denver will share the costs of the first four years of the project, and Great Hall Partners will receive 20% of concession revenues and payments over the 30 year period.
Kim Day, Denver airport chief executive, said: "The Great Hall project is critically important to ensuring the safety and success of DEN for decades to come.Â
"Although Denver remains the country’s youngest commercial airport, no one could have predicted how security and technology would fundamentally change the aviation industry and passenger processing over the last two decades."
The project will create 450 construction jobs, 800 permanent jobs and generate an additional $3.5m in annual tax and general fund revenue for the City of Denver.
Image: Jeppesen Terminal courtesy of Denver International Airport