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October 15, 2008

PWM delays terminal expansion

By The Mainebiz News Staff

The Portland International Jetport is putting the brakes on its $60 million expansion plans due to the shaky financial markets.

Paul Bradbury, the airport's director, told the Portland Press Herald that the airport is pushing back by one year its plans to build a four-story addition to the terminal, citing uncertainty in the bond markets that has already been blamed for halting the sale of a $50 million transportation bond for the state. Work on the 160,000-square-foot addition has been delayed from the spring of 2009 to the spring of 2010, with completion now slated for the fall of 2011.

The airport is in the midst of completing a new five-story parking garage, which is planned to be ready for partial occupancy by Thanksgiving of this year. The garage and terminal expansion will cost more than $80 million combined, and bonds for the project will be repaid with airport revenues, Bradbury told the paper.

 

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