Real Estate Weekly
Image default
Banking and Finance Debt & Equity

Minority-owned investment co. lands big role in JFK redevelopment

Jet Blue, Vantage and RXR are building a 1.2 M s/f terminal

American Triple I, the investment firm launched by former HUD Secretary Henry Cisneros has been tapped as an equity partner in the new JFK Airport redevelopment.

The 100 percent minority-owned and managed business enterprise (MWBE) will partner with JetBlue and JFK Millennium Partners as a 30 percent equity investor in the project.

Based in New York, ATI is a developer and manager of infrastructure assets.

JetBlue was designated by the Port Authority of New York and New Jersey to build a 1.2 million square foot terminal featuring up to 12 international gates, approximately 74,000 s/f of commercial dining and retail amenities, including lounges and recreational space.

The airline is working with JMP, a private consortium comprised of Vantage Airport Group and RXR Realty.

“With their vast investment and leadership experience and commitment to community partnership, we are proud to welcome American Triple I Partners to the team,” said Lisa Reifer, vice president Infrastructure, Properties and Development, JetBlue.

“ATI’s participation strengthens and diversifies the JetBlue/JMP Partnership to the benefit of this world-class terminal project.”

With the new partnership in place, American Triple I will focus its efforts on investing and managing funds for the project from traditional institutional investors and minority and female investors, as well as helping lead the project’s community engagement initiatives.

“The modernization of JFK Airport is transformational for New York City, providing an opportunity to reimagine one of the most important gateways in the world,” said American Triple I CEO David J. Cibrian.

“As partners in the redevelopment of JFK Terminals 6 and 7, American Triple I looks forward to bringing real value to the project through our experienced team of infrastructure development and
fund management professionals.”

The multi-billion dollar plan to transform JFK into a world-class gateway offers opportunities for MWBE involvement in all elements and stages of the project, from investment to construction, concession and operations contracts, offering local employment and community involvement opportunities.

(Visited 1 times, 1 visits today)

Related posts

Bruman secures $66M loan to build 165-unit Astoria apartment tower

REW

Lightstone funds $18M refi’ on Westchester apartment complex

REW

Savanna secures $105M bridge loan on midtown office condo

REW