NEW YORK--(BUSINESS WIRE)-- JetBlue (Nasdaq: JBLU) in partnership with JFK Millennium Partners (JMP), recently announced a new investment partner— infrastructure investor American Triple I Partners, a 100% minority-owned and managed business enterprise (MWBE).
Following a request for proposals to the investment community and competitive selection process, JetBlue and JMP selected American Triple I Partners (ATI) as a 30 percent equity investor in the project. Based in New York, ATI is a developer and manager of infrastructure assets with decades of experience in project development and finance.
This new partnership is an important early step toward achieving New York Governor Andrew Cuomo’s 30 percent MWBE participation goal at all phases of the multi-billion dollar transformation of JFK Airport.
JetBlue, New York’s Hometown Airline® with a significant presence at JFK, 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 square feet of commercial dining and retail amenities, including lounges and recreational space.
JetBlue is working with JMP, a private consortium comprised of Vantage Airport Group - an industry leading airport investor, developer and manager known for leadership roles at more than 30 airports in its 25-year history (including the new Terminal B at LaGuardia Airport), and RXR Realty - an industry leader in developing multi-billion dollar projects across the New York region. The consortium offers significant experience in fostering growth and talent through MWBE outreach and compliance.
“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 unified, world-class gateway will continue to offer compelling 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.
With a significant presence at JFK and its home in Long Island City, JetBlue is the only major commercial airline based in New York City and New York State. JetBlue’s home terminal (T5) at JFK is the newest terminal at JFK and focuses on delivering the award-winning JetBlue experience.