Port Authority of New York and New Jersey in the US has selected Skanska as the preferred bidder for the $3.6bn Terminal Replacement project at LaGuardia Airport.

The Public Private Partnership (PPP) contract has been awarded to LaGuardia Gateway Partners, which is part-owned by Skanska.

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According to the contract, LaGuardia Gateway Partners will take over operations at the existing Central Terminal Building. The company will work as a private development team on the design, building, financing, operating and maintenance of a replacement airport terminal.

The contract will be valid for a lease term through to 2050, Skanska said.

"The new, world-class terminal will feature a central entry portal to the airport and link its four disconnected terminals."

Phase one of the redevelopment initiative will include demolition of the Central Terminal Building. In its place, the new, world-class terminal will feature a central entry portal to the airport and link its four disconnected terminals.

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Design for the upgrade is expected to account for integrating future amenities, such as premier retail and dining space, a hotel, a conference and business centre.

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The planned work is expected to generate a greater revenue for the Port Authority.

LaGuardia Gateway Partners will also equip the airport with transportation facilities, including AirTrain, a ferry service and a people mover.

The partnership includes Vantage Airport Group, Skanska and Meridiam as developers and equity investors. While Skanska and Walsh Construction are the constructors in the joint venture, HOK and Parsons Brinckerhoff are operating as the designers.

Vantage Airport Group will be responsible for management of the operations under the partnership.