Swedish contractor Skanska has been awarded a $2.8bn contract, their largest contract ever, for LaGuardia Airport Central Terminal B in New York City.
The firm is part of LaGuardia Gateway Partners, along with Canada’s Vantage Airport Group and French investor Meridiam as project sponsors and co-investors.
Skanska and Walsh form the design-build joint venture, with HOK and WSP Parsons Brinkerhoff designing the project. Vantage will also manage operations.
The Public Private Partnership (PPP) includes finance, design, construction, operation and maintenance of the new Central Terminal B, with an operating lease running until 2050.
The agreement also includes construction work for supporting infrastructure and a new central entrance hall.
The client for the project is the Port Authority of New York and New Jersey (PANYNJ).
The contract value to Skanska of $2.8bn represents its 70% share of the $4bn design-build contract.
As a 33.3% shareholder of LaGuardia Gateway Partners, Skanska’s equity investment will be approximately $70m.
The project will be financed using equity, debt, PANYNJ milestone payments, plus retail and airline revenues.
Johan Karlström, President of Skanska, said: "This is Skanska’s largest project ever. We are proud to invest in and lead construction of this project that will improve the quality of air travel for millions of people."
The existing Terminal B currently serves over 14 million passengers annually.
The new LaGuardia Central Terminal B will be built adjacent to the existing terminal, allowing operations to continue without interruption.
Construction of permanent works will begin immediately, with most of the new terminal opening in 2020 and substantial completion during 2022. Â
Images via LaGuardia Gateway Partners