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New York Governor Announces Construction of $9.5B New Terminal One at JFK Airport Will Begin This Summer

NEW YORK, NY — Governor Kathy Hochul announces that construction of a $9.5-billion, world-class New Terminal One at JFK International Airport will move forward this summer now that financial and environmental approvals have been secured, including the recent financial close for the first phase of the project.

"The construction of this new state-of-the-art terminal at JFK is key to our vision for a new era in New York," Hochul said. "This transformative project is moving forward full steam ahead and when complete will provide for a passenger experience that serves as a model for the unparalleled potential of New York. Congratulations and thank you to everyone who has put in the years of hard work to make this project possible."

In December, Hochul announced that the Port Authority's Board of Commissioners approved an agreement with the New Terminal One consortium to build a world-class terminal that will anchor the south side of JFK Airport. Recently, the Port Authority's Board voted to approve a new lead investor in the project. Ferrovial, a global airport operator with experience building world-class terminals, will acquire 96 percent of The Carlyle Global Infrastructure Fund's 51 percent stake in the New Terminal One, the consortium that was selected to design, build, and operate the terminal.

The announcement that the New Terminal One will begin construction this summer comes just 10 days after Hochul, The Port Authority, and Delta Air Lines celebrated the opening of a new Terminal C at LaGuardia Airport, marking the substantial completion of a Whole New LaGuardia.

JFK's New Terminal One will be built on sites now occupied by Terminal 1, Terminal 2, and the former Terminal 3, where it will anchor JFK's south side. At 2.4 million square feet, the new terminal will be the largest terminal at JFK when complete — nearly the same size as the new LaGuardia Airport's two new terminals combined. Construction of the new terminal will take place in phases. The first phase, including the new arrivals and departures hall and first set of new gates, is expected to open in 2026.

After completion of all three phases in 2030, the New Terminal One will have 23 gates as well as bright and airy check-in halls and arrival spaces designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world. Customers will enjoy New York-inspired dining and retail amenities, as well as space for lounges, an indoor green space, and family-friendly amenities. The New Terminal One will incorporate the latest advances in both sustainability and security and be infused with a uniquely New York sense of place.

"We are honored to partner with the Port Authority of NYNJ, JLC Infrastructure, Ullico, and Carlyle to bring a world-class airport terminal to life at John F. Kennedy Airport," said Luke Bugeja, Chief Executive Officer of Ferrovial Airports. "This transformative project will delight travelers and deliver the intended benefits to the community of one of the world's most popular and important destinations and international gateways to and from the United States."

The New Terminal One builds on the momentum of the other three major components of the airport's transformation. The $3.9-billion development of a new Terminal 6, to be built by JFK Millennium Partners, on the airport's north side that will connect with JetBlue's existing Terminal 5 and was approved by the Port Authority Board of Commissioners in August, and is expected to begin construction by the end of this year. The $1.5-billion expansion of Terminal 4, led by Delta and JFK International Air Terminal, was approved in the spring and is now under construction. Additionally, work began in December 2019 on the $425-million expansion of JFK's Terminal 8, led by American Airlines, which operates the terminal, and British Airways, which will be relocating to Terminal 8 from Terminal 7, set to be demolished to make way for the new Terminal 6.

Combined, the projects represent an $18 billion transformation of JFK International. The Port Authority capital investment of $2.9 billion is leveraging private investment at a rate of more than five to one when taking into account the full private investment of more than $15 billion that has been committed to the four projects comprising the full JFK redevelopment program.

Construction of the New Terminal One will create at least 10,000 jobs, including 6,000 construction jobs. Ferrovial and its partners at the New Terminal One are also committed to the Port Authority goal of 30 percent participation by Minority- and Women-Owned Businesses and a focus on developing local businesses.