The current airport terminal is over 50 years old. Its infrastructure and set up have resulted in high operational costs and low revenue from parking and concessions.
The new north side terminal project will cost approximately $650 million with possible additions including a $72 million power plant project, $87 million for a flyover addition from I-10 to improve access to the airport, and $17 million for a potential on-site hotel. The total cost is estimated at $826 million.
Pending completion of environmental reviews, which will include extensive community engagement, construction is expected to commence in 2014, with completion in 2018.
Funding for the new terminal project will come from various airport self-generated funds along with federal and state aviation grants. The city of New Orleans will not fund any part of the new terminal project.
To streamline the remaining design and construction process, the City and Aviation Board are seeking approval from the state legislature to use the Construction Manager At Risk method (SB 65 by Senator Ed Murray).
The new airport is expected to create more than 13,000 jobs in construction.
