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Tuesday, December 28, 2021

URBAN EXPLORER / BONDS FOR SAN DIEGO AIRPORT EXPANSION NET RECORD $2 BILLION

Rendering of planned replacement of Terminal 1 at San Diego International Airport. Construction is underway, with the completion of the first 19 gates by 2025. (San Diego County Regional Airport Authority image)

GUEST BLOG / San Diego Union Tribune: Reporter Lori Weisberg.
 

As part of a public service, the San Diego Union-Tribune has granted responsible bloggers the rights to repost content during the pandemic era. PillartoPost Daily Online Magazine thanks the U-T for helping us to also spread good news. 

Construction started this week on the long-planned replacement of the 1960s-era Terminal 1 with a new 30-gate facility, along with planned airfield improvements of Terminal 1 at the San Diego International Airport, a $3.4 billion. 

In addition to adding 11 more gates, the project will feature much-improved food and retail concessions, a 5,200-space parking garage, and a baggage handling system that will be able to process up to 2,000 bags per hour during peak periods. Also part of the redevelopment is a new three-lane airport access road from Laurel Street and North Harbor Drive that airport planners say would remove 45,000 vehicle trips per day from Harbor Drive. 

The airport bond sale drew especially strong interest from investors, who placed more than $7.7 billion worth of orders. The high demand, said airport officials, helped bring the interest rate down to 3.34 percent, a record low for Airport Authority bond sales, officials said. 

The first 19 gates in the new terminal are expected to open in mid-2025, and demolition of the old terminal would follow. The additional 11 gates should be ready by late 2027. 


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