QUEENS REAL ESTATE NEWS

SPILLING THE BEANS ON QUEENS REAL ESTATE

Governor Cuomo inaugurates new updates in the eastern area of LaGuardia

Cuomo participated in the inauguration ceremony

A new phase has begun

As has been previously reported, Queens based LaGuardia Airport is going through a lot of renovations, many will say long overdue. As a part of these ongoing renovations, Governor Cuomo made an announcement that the east side, which will house Terminals C and D, has officially begun its makeover. Both terminals will be rebuilt from the ground up and plans indicate that canopies and walkways will be added. This way, passengers will be able to move easily from one part of the airport to another. In these two terminals, Delta will be a main player.

History in the making

This is an important event to take notice of, since it’s the first major update of an airport since the inauguration of the Denver International Airport, back in 1994. That is over 20 years ago! Just so people who are not familiar with LaGuardia and its less than satisfactory state, back in 2014 Vice President Biden famously compared it with a third world country. After that declaration, Cuomo did not sit idly by: he quickly announced a $6 billion investment that would completely update the airport, founded in 1939. In a conversation with the press, Cuomo emphasized how he wants this process to be smarter and more effective than anything done before. The investment is a partnership between private and public entities. Two thirds of the budget is provided by LaGuardia Gateway Partners, while Delta Airlines has destined $3.4 billion into their own new terminals.

Current projections

There are several goals that divide the project into phases. The last one will be (hopefully) completed by 2021. The first phase will be finished by 2018 and will include new gates for Terminal B. The second phase implies a connection between Terminals B and C, a new introduction to the airport. This part will be inaugurated by 2020. More gates will be eventually added, opening in two different dates: later 2020 and later 2021.

Moreover, new partners are about to enter the game: JLC Infrastructure will work along with LaGuardia Gateway Partners. This is a historic landmark for the city. JLC Infrastructure is comprised by Magic Johnson Enterprises and Loop Capital Markets LLC, and this operation is the first where a Minority Owned Business participates in a private-public project.

Besides what was previously listed, the brand new airport will include several amenities that will make travelling more enjoyable for everybody. A new hotel, conference rooms and plenty of retail space will definitely add to the pleasant experience that will become of LaGuardia.

Thinking ahead

Melinda Katz, the president of the Queens Borough, declared this is not just for the current generations. The idea is for this airport to last a very long time so generations to come can enjoy it. This is way the process it slow but steady, lengthy but, in the long run, worth it. [QNS]