The new terminal at New York JFK International Airport will be implemented in phases, with the first phase scheduled to open in 2026 and the terminal's full completion scheduled for 2030.
The ambitious New Terminal One (NTO) project at New York JFK Airport marked a historic feat by successfully completing a Green bonds of US$2,55 billion, representing the largest municipal bond financing earmarked for an airport project.
Expectations for the new terminal are high and investors are confident in its prospects. For this reason, the issuance was increased to 2,55 billion dollars, despite the revenue obligations of the 2024 series special facilities being initially marketed at 1,5 billion dollars.
The income from these bonds will be used to finance and refinance a portion of the costs for construction of the first phase of New Terminal One. New Terminal One CEO Jennifer Aument commented:
“Our continued success in refinancing through this historic bond issuance demonstrates the capital markets’ confidence in The New Terminal One and our progress in delivering a new gateway to New York and our nation. This refinancing reaffirms our commitment to maintaining The New Terminal One’s position of financial strength as we gain momentum toward our scheduled opening in 2026.”
The Port Authority of New York and New Jersey is investing $19 billion to transform JFK Airport into a world-class gateway. The plan covers the construction of two new terminals, the expansion and modernization of two existing terminals, as well as the creation of a new land transport center and a simplification of the road network.
New Terminal One is being built in the spaces currently occupied by Terminal 1 and the former Terminals 2 and 3. The first stage will involve the completion of the new arrivals and departures halls, as well as the opening of the first set of 14 new gates.
The NTO will be an international terminal with 23 gates covering more than 2,6 million square feet, making it the largest terminal at JFK. For comparison, it will be almost as large as the combined area of LaGuardia Airport's two new terminals.
