Miles SmithA historic $2.55 billion bond issuance will provide financing for a privately funded project to build a 2.6 million square-foot, 23-gate international-only terminal at John F. Kennedy Airport.
The New Terminal One will serve as an anchor international terminal in the Port Authority of New York and New Jersey’s $19 billion project to transform JFK. The first phase is expected to open in 2026, and full completion is projected in 2030.
With a capital commitment of $9.5 billion, The New Terminal One is the country’s largest public-private partnership and the largest single-asset project financing in U.S. history. The $2.55 billion green bond issuance is the largest-ever municipal bond financing for an airport project, NTO representatives said.
Proceeds from the 2024 Series bonds will be primarily used to finance and refinance a portion of the costs of constructing the development’s initial phase of the New Terminal One development. A portion of those costs were initially funded with the bank facility that was raised in June 2022.
The New Terminal One is a key component of a plan to turn JFK Airport into a world-class gateway, with two new terminals, two expanded and modernized terminals, a new ground transportation center and an entirely new, simplified roadway network.
The New Terminal One’s first phase includes building a headhouse and 14 widebody aircraft gates.
The project topped out in March 2024, with the placement of the steel beam marking the development’s highest point. Installation of the headhouse’s curtain wall and key infrastructure systems began earlier this year, and work is underway to make the building weather tight.
