2.4 Million Square Foot International Terminal With 23 Gates Will Be Built on Sites of Current T1, T2 and Former T3 – Becoming Largest International Terminal at JFK When Completed

Consortium of Labor, Operating and Financial Partners Sets New Paradigm for Infrastructure Projects

Press Release Provided by The New Terminal One

December 13, 2021

The New Terminal One (NTO) – a consortium of labor, operating and financial partners – welcomed New York Governor Kathy Hochul’s announcement that the Port Authority of New York and New Jersey has reached a revised agreement on key terms with New Terminal One, a state-of-the-art, international terminal at John F. Kennedy International Airport. The $9.5 billion, 2.4 million square foot project is the largest private investment ever committed to a U.S. airport terminal and will be the largest international terminal at JFK. The New Terminal One will serve as a global gateway to the New York metropolitan area and set a new standard for world-class design and service, aspiring to be among the top ten airport terminals in the world.

Subject to Board approval this week, the Port Authority will finalize and enter into a lease agreement with NTO for the construction and operation of the new terminal. The terminal will be privately financed by the NTO consortium, including financial partners Carlyle, JLC Infrastructure, and Ullico. A joint venture of Munich Airport International and CAG Holdings is the technical services partner to the consortium. The terminal will be constructed by a design build team led by AECOM Tishman, which has managed construction of some of the world’s most iconic buildings, and Gensler, a leading global design and architecture firm.

The New Terminal One will be built on the sites of the current Terminal 1, Terminal 2, and the former Terminal 3. Construction is expected to begin in mid-2022 and the first gates are scheduled to open in 2026. The New Terminal One will be built in phases, with full completion anticipated in approximately 2030.

The New Terminal One will be a 23-gate, state-of-the-art terminal. Sustainably designed and future focused, the terminal will feature expansive, naturally-lit, public spaces, cutting edge technology, and an array of amenities, all designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world. With more than 300,000 square feet of dining, retail, lounges, and recreational space, The New Terminal One will offer passengers a uniquely New York sense of place.

The New Terminal One is committed to local inclusion and labor participation with an industry-leading focus on diversity and capacity-building opportunities, including a 30% MWBE participation goal in all categories of work. To date, NTO has contracted with 71 MWBE firms and paid them more than $46 million for delivering key engineering, planning, and design work. The terminal will be built by union labor under a project labor agreement. NTO is also actively engaged in and supporting numerous community development initiatives, including ones focused on job opportunities and workforce development programs for local residents, small business outreach and development, and educational programming for local students.

With the support of Governor Hochul and the Port Authority, we will deliver a world-class terminal, drive New York State’s nation-leading MWBE participation to new heights and help spur regional economic growth,” said Dr. Gerrard P. Bushell, Executive Chair of The New Terminal One. “We will also deliver on our multi-year commitment to community development in Southeast Queens, and an increase in the number of local jobs, educational programs and small business capacity building.”

“We are one big step closer to realizing the promise of good jobs for hardworking Queens and regional residents,” said Edward M. Smith, CEO of Ullico. “Through its partnerships with labor, commitment to apprenticeships and support for local community initiatives, The New Terminal One is creating opportunities for the hardworking people who build and operate JFK. We applaud Governor Hochul for her essential support in making today happen.”

“Governor Hochul, Port Executive Director Rick Cotton and the entire Port team worked tirelessly to make this project happen because they are committed to providing real opportunities for all New Yorkers,” said Jim Reynolds, Managing Partner of JLC Infrastructure. “The New Terminal One has shifted the paradigm for public-private partnerships by engaging the local community to deliver a world-class facility. It will serve as a model for large infrastructure projects across the country.”

About Carlyle and CAG Holdings
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle.

CAG Holdings, LLC is The Carlyle Group’s dedicated U.S.-based investment platform for airport infrastructure investment opportunities globally and is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund. CAG is led by an experienced management team with a track record of more than 70 airport projects globally combined with a deep, localized understanding of the U.S. airport market.

For media inquiries, contact Christa Zipf at [email protected] or at +1-212-813-4578.

About JLC Infrastructure
JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises and currently manages investments across the country, including the redevelopment of Terminal B at LaGuardia Airport.

For media inquiries, contact [email protected].

About Ullico
For more than 90 years, Ullico has been a proud member of the labor movement, keeping union families safe and secure. In 2010, the Ullico Infrastructure Fund (UIF) was established to assist in the construction, maintenance and refurbishment of America’s infrastructure. UIF currently has over $4 billion in investor commitments on behalf of over 200 investors, with 20 portfolio investments across water, wastewater, telecommunications, electricity transmission, power generation, transportation and gas transmission sub-sectors and is exploring opportunities in all infrastructure related sub-sectors.

From insurance products that protect union members, leaders and employers, to investments in building and infrastructure projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes: The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC (Member FINRA/SIPC); and Ullico Investment Advisors, Inc. For additional information, visit

For media inquiries, contact Cori Houlihan at [email protected] or at +1-202-354-8044.

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