The Green Build is the largest project in the airport’s history; it was completed on schedule and is expected to be $45 million under budget.
The ribbon-cutting ceremony was attended by hundreds of elected officials, past and present airport authority board members, business and community leaders and members of the construction team.
“Today was a wonderful opportunity to celebrate the completion of this significant project and the economic benefit The Green Build brought to the region,” said Thella Bowens, president/CEO of San Diego Airport Authority.
“So many people had a role in bringing this project to fruition, and not only the airport, but the region is a better place as a result.”
Called 'The Green Build' due to the airport authority’s commitment to sustainability and the environment, as well as positive economic impact, the project created a role for 7,000 workers, including local, small, disadvantaged and minority-owned businesses.
A positive outcome of the airport's aggressive small business outreach programme was that more than $415 million in contracts were awarded to local businesses, with $118 million going to small businesses.
The Green Build is designed to achieve Leadership in Energy and Environmental Design (LEED) Gold certification from the US Green Building Council, a testament to the airport’s commitment to sustainability.
Official LEED status is currently under consideration and is expected by mid-2014.
The Green Build was funded by user fees, airport revenue bonds, airport cash and FAA grants.
Itis expected to finish $45 million under budget at a total cost of $907 million—$820 million for the project and the remainder in financing costs.
A portion of the savings was the result of the airport authority’s two successful bond sales.
The organisation was able to secure significantly low true interest cost of 3.92% (2013) and 4.38% (2010), saving millions over the life of the bonds.