Selection of Preferred Bidder for LaGuardia Central Terminal Building Project
The Port Authority of New York/New Jersey recently selected LaGuardia Gateway Partners (LGP) as its preferred bidder for the LaGuardia Central Terminal Building Project (Terminal B). LGP includes Vantage Airport Group, Meridiam, and Skanska.
WJ Advisors served as a strategic advisor to LGP.
Largest Aviation Public Private Partnership Project in the U.S.
On June 1, 2016, LaGuardia Gateway Partners (LGP) successfully transitioned responsibility for the operation and management of the existing central terminal building (CTB) at LaGuardia Airport (LGA) from the Port Authority of New York/New Jersey, and recently began the construction of new Terminal B at LGA. New Terminal B is expected to be fully operational by 2023; LGP will operate and manage new Terminal B until 2050. LGP consists of Skanska Infrastructure Development, Meridiam, and Vantage Airport Group.
The redevelopment of the CTB represents the largest public private partnership aviation project in the U.S.
WJ Advisors served as a strategic advisor to LGP over an approximate 3-year period, and was primarily responsible for developing proposed business arrangements between LGP and the airlines, and in negotiating the terms and conditions of a non-binding term sheet that supported the commitment of $200 million in infrastructure funds from LGP, and the issuance of approximately $2.4 billion in revenue bonds to fund the cost of building new Terminal B.
A Public-Private Partnership to Improve LaGuardia Airport
WJ Advisors was retained by Vantage Airport Group on behalf of LaGuardia Gateway Partners (LGP) (http://laguardiagatewaypartners.com) to provide strategic financial and business advisory services in connection with the submission of a proposal to the Port Authority of New York & New Jersey (PANYNJ) to build a new central terminal building at LaGuardia Airport (LGA). Specifically, WJ Advisors advised executive management at Vantage and LGP on alternative airline business arrangements for existing and new central terminal building facilities as well as to advise LGP on the considerations of each alternative. WJ Advisors also briefed shareholder groups of certain LGP consortium members on the financial and business considerations of proposed airline business arrangements.