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John Wayne expansion could be $100 million under projected cost
Slow construction sector impacts price, makes room for other projects.
By Kristen SchottPublished: April 30, 2009 03:48 PM
The projected cost of John Wayne Airport's Improvement Program could come in more than $100 million under budget, due to the strain on the construction industry in the region.
It's good news for the airport, which is suffering from declining passengers, as 13 percent fewer travelers passed through its gates in March compared to last year, and the airport's revenue stream has remained flat for the past two years, hitting $108 million annually. The airport also has a number of other projects in the queue that can now be addressed since the costs of the program are so much lower. Among them: A maintenance warehouse and commuter flight holding rooms could be constructed earlier than anticipated.
The largest cost-savings stems from an agreement to upgrade, expand and refurbish the airport terminal. The projected cost was originally about $178 million, but the development received a bid just under $100 million. The next highest bid is $101 million.
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It's good news for the airport, which is suffering from declining passengers, as 13 percent fewer travelers passed through its gates in March compared to last year, and the airport's revenue stream has remained flat for the past two years, hitting $108 million annually. The airport also has a number of other projects in the queue that can now be addressed since the costs of the program are so much lower. Among them: A maintenance warehouse and commuter flight holding rooms could be constructed earlier than anticipated. The largest cost-savings stems from an agreement to upgrade, expand and refurbish the airport terminal. The projected cost was originally about $178 million, but the development received a bid just under $100 million. The next highest bid is $101 million. NEXT PAGE >> Related headlines Santa Ana's Crevier BMW owner receives President's Service Award San Juan Capistrano greens fleet with new hybrids 'OC METRO Minute,' April 28: Virgin America's red carpet celebration at John Wayne Airport |
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