A new 400-room luxury hotel is among the proposals put forward in a $4.1 billion, 10-year capital improvement plan for San Francisco International Airport, city and airport officials announced Monday.
The capital plan, which includes the renovation of Terminals 1 and 3 among other improvements, will be voted on by the San Francisco International Airport Commission at its meeting on today.
The plan “is a strong demonstration of our airport thinking ahead,” said San Francisco Mayor Ed Lee. “We need to make sure this engine of economic opportunity keeps working for everybody.”
The new hotel, which would be located near the entrance to the airport off of U.S. Highway 101, will be completed in about four years and will connect to SFO’s AirTrain tram system, airport director John Martin said.
San Francisco airport plans $4.1 billion in upgrades over 10 years [Biz Times]
SFO unveils billion-dollar plans for new hotel, rebuilt terminals [Ex]
SFO Announces Plans For Major Upgrades Over Next Decade [KCBS]
The various projects are expected to create more than 36,000 jobs over the next decade. Martin said bonds from revenue collected at the airport are funding the projects, including nearly $100 million annually from rental car companies and parking fees.
Monday’s announcements were made at a news conference in Boarding Area E at Terminal 3, which is currently undergoing construction. Boarding Area E is expected to be complete in early 2014, while the terminal’s main checkpoint will be finished later that year, Martin said.
Although the airport is owned by the city of San Francisco, it is located in San Mateo County and is a “key economic engine” for its Peninsula residents, county Supervisor Dave Pine said.
“We’re thrilled to see the airport continue to modernize,” Pine said.
SFO is the Bay Area’s largest airport, handling about 44 million visitors annually and offering non-stop flights to 76 U.S. cities and 31 international destinations.
Dan McMenamin, Bay City News