Terminal 4 at John F. Kennedy International Airport is the largest gateway air terminal in the United States, encompassing over 1.5 million square feet and serving more than 5 million international passengers annually.
Due to its innovative design, operations and financing proposal, LCOR and its partners were selected for the $1.4 billion redevelopment of International Air Terminal 4 in May of 1997, one of the largest privately financed airport projects ever undertaken. Acting as both manager/operator and developer/construction manager after assuming control from the Port Authority of NY/NJ, LCOR leveraged its private-sector development and management expertiseto efficiently reconstruct the long-outdated facility, while simultaneously maintaining the daily operation of the facility, servicing over 3,200 travelers an hour. As part of the larger $10.3 billion JFK Airport project, LCOR utilized a combination of tax-exempt special project debt, public investment and private equity to fund the renovation and expansion.
The new Terminal 4 opened in May 2001, with all 16 of its gates completed in 2002, and remains the largest gateway air terminal in the United States. Upon opening, observers claimed that Terminal 4 "goes a long way toward restoring Kennedy Airport to its proper status as New York's world-class international gateway." In 2010, LCOR successfully divested its interest in the project.