(Bloomberg) — New York Governor Kathy Hochul announced a $9.6 billion revamp of John F. Kennedy International Airport on Monday as part of the transformation of one of the busiest airports in the U.S.
The project will create a new Terminal 1 on the current footprint of terminals 1, 2, and 3. The terminal will be 2.1 million square feet and have 23 new international gates, Hochul said. Construction will begin next year, she said. The first phase will open in 2026, according to Rick Cotton, Executive Director of the Port Authority of New York & New Jersey. He said it will create 10,000 jobs.
Funding is coming through a public-private partnership with investors including Carlyle Group and JLC Infrastructure. The Port Authority board will vote on Thursday on a financial agreement with the project’s financial partners, Cotton said.
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