New York’s busiest airport is in line to receive a $9.5 billion facelift.
Governor Kathy Hochul and Port Authority Executive Director Rick Cotton on Monday unveiled the latest plan to overhaul John F. Kennedy International Airport, replacing a pair of existing terminals with a 2.4 million sq. ft. Terminal 1 that will have 23 gates catering to international travel.
“When it is done, it will be an experience that is worthy of the name New York and worthy of the name John F. Kennedy,” Hochul said Monday during a news conference at her Manhattan office.
The massive construction project will be funded through private money, with three investment and management firms — The Carlyle Group, Johnson Loop Capital Infrastructure, and Ullico — putting up $9.5 billion total in exchange for ownership shares.