Airport development and operating company, Vantage Airport Group and infrastructure investor, Corsair Infrastructure have announced the successful financial close of the 4.2 billion USD deal to develop a new international Terminal 6 at John F. Kennedy International Airport (JFK).
Vantage is the lead member of JFK Millennium Partners, which was selected by the Port Authority of New York and New Jersey (PANYNJ) to finance, build and manage the new Terminal 6. Vantage will be the principal developer and operator of the new terminal, while Corsair will serve as the principal financial sponsor.
“Today’s milestone is the result of significant, dedicated efforts of the Vantage team to lead this complex project and bring the shared objectives of JFK Millennium Partners and our other project partners to life at Terminal 6.
“We know airports and will leverage our expertise to deliver another world-class airport terminal in the New York market; one that will maximise opportunities for community involvement and employment, transform the guest experience for millions of visitors, and demonstrate the power of strong partnerships to deliver best-in-class airport infrastructure.”
The 1.2 million-square-foot new Terminal 6 is scheduled to be complete in 2028 and will have capacity for ten gates.
Vantage will lead the construction of the new JFK Terminal 6 in two phases. Under a long-term lease with PANYNJ will manage the existing Terminal 7 until its demolition in 2025 and the new international Terminal 6 until 2026.
“In the complex world of airport and infrastructure development, institutional investors must look to more than a standalone fund for deploying capital. Together, Corsair and Vantage offer a unique combination of development, execution, and management expertise, regulatory knowledge, and active equity sponsorship to support meaningful and complex infrastructure public-private infrastructure projects of this kind, particularly as the need for North American infrastructure investment has never been greater.”
JFK Terminal 6 is Vantage and Corsair’s second airport terminal development project in New York, following the completion of the new 5.1 billion USD LaGuardia Terminal B in July 2022, which is now operated by Vantage.
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Tampa International Airport (TPA) has received approval to start Phase 3 of its Master Plan, enabling the construction the Airside D terminal.
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Chicago O'Hare (ORD) has completed construction work in the arrivals section of its main terminals and has opened its Main Parking Garage.
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LAWA has placed the final structural steel beam for Los Angeles International Airport's (LAX) Automated People Mover (APM) stations.
Tampa International Airport (TPA) has launched a new rental service to provide baby equipment for families travelling with young children.
LAX has unveiled the first Automated People Mover (APM) train car that will transform how passengers travel to and from the airport.
Oakland International Airport (OAK) has purchased five BYD electric buses to shuttle passengers between its parking facilities.
Dallas Fort Worth International Airport (DFW) has become the first airport to install Pluie's self-sanitising baby changing tables.
PANYNJ and LaGuardia Gateway Partners have announced that the final elements of LaGuardia Airport’s Terminal B have now opened.
Philadelphia International Airport (PHL) is deploying a Nilfisk robot floor scrubber to enhance cleaning procedures across its terminals.
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Charlotte Douglas International Airport (CLT) has announced that portions of its Terminal Lobby Expansion project will open on 27 July 2022.
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Alaska Airlines has announced it will become the first US airline to launch an electronic bag tags to improve check-in times at US airports.
Kansas City Aviation Department has unveiled updated branding to help unify operations across both airports in Kansas City.
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