Owing to its innovative design, operations and financing proposal, LCOR, along with partners Schiphol USA (operator of the Amsterdam Airport Schiphol) and Lehman Brothers, was selected to redevelop International Air Terminal 4 at John F. Kennedy Airport — the largest privately financed airport facility in the U.S. A key factor in our selection was a creative mix of tax-exempt special project debt, public investment and private equity coupled with private-sector development and management expertise. Our role in the $1.4 billion project included development, financing, operations, leasing and retail management.
In May 1997, LCOR and its partners assumed complete management responsibility for Terminal 4 from the Port Authority of New York and New Jersey — simultaneously maintaining daily operations for up to 3,200 arriving passengers per hour and reconstructing the building as part of a larger $10.3 billion airport project. Terminal 4 serves more than five million international passengers annually as the largest gateway air terminal to the United States. The new Terminal 4 opened in May 2001 and we successfully divested our interest in the project in 2010.