Public-Private Partnerships in Action (Part IV) - Airports
Through P3s, the American business community can bring new innovative ideas to work on the problems inherent in the nation’s large and most complex transportation challenges, as well as provide up-front investment to get these major projects off the drawing board. In this installment, we’ll look at an unusual airport P3.
Project: Luis Muñoz Marín International Airport P3 in Puerto Rico
Cost: $2.57 billion
Start date: March 2013
Estimated completion date: 40-year contract
The U.S. Federal Aviation Administration recently approved a deal to allow a private entity to run Puerto Rico’s Luis Munoz Marin International Airport (SJU), the largest airport in the Caribbean with 8.4 million travelers in fiscal year 2012 and the first major airport in the U.S. to be run by a private operator under the FAA’s Pilot Privatization Program.
The private company, Aerostar Airport International, will operate, maintain, and improve the 58-year-old facility, beginning with $1.4 billion in capital improvements that will create 1,500 direct and indirect construction-related jobs.