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NYC's population is shifting to the SE and SW corridors. I'm not seeing the benefit of this and why private investment cannot be redirected elsewhere to say jobs, training, and modernizing the NYC subway system. But, to her credit, funding this through private dollars is a strategic win.
How is it to her credit? She had nothing to do with it. Glad she is moving forward with promoting it, though.
Anyway, you can't tell investors who specialize in/are connected to Aviation projects to "redirect their dollars" to a completely different type of asset, but I agree that more public-private partnerships would be great for the NYC transit system. The issue, as always, is money.
Aviation makes money, so there's a return on investment. Look at the P3 for the LGA CTB. They modernized and then will operate the terminal for the next 35 years, entering into the agreements with the airlines and other tenants themselves. They make a profit and the owner (PA) gets a cut.
Not sure how they could make that work with a system like the NYC subway that probably doesn't generate a lot of revenue, but maybe. There are also other P3 financial arrangements, like "availability payments", where the payments to the private consortium starts when the asset is put into use, giving them an incentive to get the work done quickly and efficiently. The owner then pays for it over decades with interest, kind of like a mortgage.
While city and state officials joined Governor Kathy Hochul to celebrate the completion of Terminal B at LaGuardia Airport last week and with Delta Airlines scheduled to finish its new Terminal C in the spring, the focus is already shifting to the massive overhaul of JFK Airport.
She was quoted as saying that the goal was to have "one of the top airports in the world." A laudable goal, but talk is certainly getting cheaper by the day.
Not sure how they could make that work with a system like the NYC subway that probably doesn't generate a lot of revenue, but maybe. There are also other P3 financial arrangements, like "availability payments", where the payments to the private consortium starts when the asset is put into use, giving them an incentive to get the work done quickly and efficiently. The owner then pays for it over decades with interest, kind of like a mortgage.
It is possible with the subway as long as you couple subway extensions with massive rezoning of the land next to the new subway station. This is what happened at Hudson yards, but NIMBYs fought Bloomberg tooth and nail to prevent Hudson yards from happening. Fortunately for us, we do not have airport terminal NIMBYs suing the city that the new terminal will cast shade into their vegetable garden and is "out of character" with the surrounding neighborhood, as nobody lives in the middle of an airport.
In other parts of the world, where the subway system is privatized (such as Japan), the subway company is also a huge real estate developer, office landlord, and shopping mall developer. They finance a lot of their transportation projects through the land value appreciation and redevelopment following a subway extension.
At a small scale here in NYC, you see real estate developers renovate a subway entrance, or build a new pathway to a subway platform in exchange for their building getting approved for construction by the city or an increase in FAR.
She was quoted as saying that the goal was to have "one of the top airports in the world." A laudable goal, but talk is certainly getting cheaper by the day.
JFK and LGA absolutely cannot be top airports in the world. It would require massive infrastructure improvements to reach modern 21st century world class standards.
Will this do anything to speed up baggage claim? I’ve consistently experienced by far the longest baggage claim waits at JFK compared to any other airport I’ve been to.
This is privately funded through passenger ticket fees, port authority user fees (parking in the airport generates millions) and airline's individual investment into renovating their anchor terminals . Delta spent billions
EG: The $1.5 billion Terminal 4 project, which is being financed by private capital, is the second groundbreaking under the JFK Redevelopment Plan. The terminal expansion will create 10 new gates, primarily serving regional and domestic flights, while adding 150,000 square feet to expand the terminal.
This is privately funded through passenger ticket fees, port authority user fees (parking in the airport generates millions) and airline's individual investment into renovating their anchor terminals . Delta spent billions
EG: The $1.5 billion Terminal 4 project, which is being financed by private capital, is the second groundbreaking under the JFK Redevelopment Plan. The terminal expansion will create 10 new gates, primarily serving regional and domestic flights, while adding 150,000 square feet to expand the terminal.
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Glad she is moving forward with promoting it, though.
