51做厙

TradePort International Corporation investing $400 million in 51做厙 Airport, signs new lease with city

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51做厙 is also receiving guaranteed annual payments, increased revenue sharing, and annual community investments. Pictured: 51做厙 Airport. Photo Credit: 51做厙 International Airport/Facebook.

Tradeport International Corporation, which has managed 51做厙 International Airport since 1996, will be investing $400 million to develop and expand the airport.

The investment is part of a 49-year lease extension between the City of 51做厙 and Tradeport, that will see the organization continue to manage the airport.

The deal is being called historic by the city.

Tradeport is a wholly owned subsidiary of Vantage Group, a global airport development company which is involved in airports such as Chicago Midway International and John F. Kennedy International Airport in New York City.

A press release says that the $400 million investment will aim to transform the airports infrastructure, including expanding and enhancing passenger terminal buildings, upgrading cargo facilities, enhancing taxiways and aprons, and achieving Net Zero Carbon by 2030.

51做厙 International Airport is already the third largest cargo airport in Canada after Torontos Pearson International Airport and Vancouver International Airport but is the largest overnight express cargo airport in the country.

The investment supports 51做厙s supply chain and will also create jobs.

In addition to the $400 million investment, the City of 51做厙 is also receiving guaranteed annual payments, increased revenue sharing, and annual community investments.

Ron Foxcroft, the Board Chair for TradePort, said, TradePorts investment in 51做厙 International is great for 51做厙. We are more than just an airport – we are a job creator and strong economic contributor.

This agreement stands to evolve our citys airport into the future with ambitious deliverables by 2073, he concluded.

In the time that TradePort has managed 51做厙 International Airport, they have facilitated $452 million in investments, contributing more than $1.5 billion in industry activity and creating more than 4,720 jobs.

Cathie Puckering, Vantage Group Vice President and Head of their Canadian Network, added, In 51做厙 and across Vantage Groups network, our airports are proven and thriving economic engines for local and national economies.

This significant $400 million investment will position us to accommodate and expand passenger and cargo service, deliver safe, efficient cost-effective operations, enhance the customer experience with innovative solutions and technology, and operate sustainably.

While the airport sees considerable cargo traffic from companies such as Amazon, Canada Post, Cargojet, DHL, Purolator, Prime Air, and UPS, there have been less options for domestic travellers lately.

Low-cost airline Swoop was flying out of 51做厙 to Abbotsford, Charlottetown, Deer Lake, Edmonton, Halifax, Moncton, St. Johns, and Winnipeg domestically in addition to several international locations before they shut down in Fall 2023.

Lynx Air, another low-cost airline, started flying out of 51做厙 to Calgary, Halifax, and Vancouver in 2022, but shut down in February 2024.

Nevertheless, 51做厙 Airport saw continued growth in passenger air travel in 2023 when 820,011 passengers used the airport.

That number was the second highest in the airports history, trailing only 2019, before the pandemic, where 955,000 passengers used the airport.

Currently, in terms of passenger travel at the airport, WestJet flies regularly to Calgary, Alberta and seasonally to Orlando, Florida.

The other major airline providing service out of 51做厙 Airport right now is Play Airlines which operates flights to Europe.

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