Today the Miami-Dade County, Florida, Board of County Commissioners (Board) authorize the issuance of $5.0 billion of Aviation Revenue Bonds. These bonds, together with other funds of the Miami-Dade County Aviation Department (Aviation Department), will finance the Capital Improvement Program for MIA. This means the MIA Capital Improvement Program is finally getting the kickoff to its funding of the airport’s numerous planned expansions.
What will this MIA Capital Improvement Program Do?
The comprehensive MIA Capital Improvement Fund is designed to address all of the airport’s future capacity and operational needs. Because of the scope, this will be done through five sub-programs.
- Redevelopment of Central Terminal concourses E and F.
- Expansion of South Terminal (concourses H and J).
- Renovations of Concourse D gates to accommodate additional wide-and narrow-body aircraft, as well as larger regional jets.
- Building two new hotels (one which will include a business and conference center with exhibition space) and other miscellaneous landside projects.
- Expanding aircraft parking positions and warehouses for cargo operations.
This multi-billion-dollar program is the latest in a string of historic milestones for MIA, which celebrated its 90th anniversary last September.
Why Are These Upgrades Necessary Now?
This Capital Improvement Program is long overdue for MIA. In 2018, it surpassed 45 million annual passengers for the first time ever. That represents an increase of nearly one million over the previous year. MIA, nicknamed the gateway of the Americas, served 21.8 million international passengers in 2018. Again, this made it the busiest airport in Florida for international travelers and third-busiest U.S. international gateway. Also, MIA continues to maintain its ranking as the most active U.S. airport for international freight. It set a new record of 2.3 million total tons of cargo in 2018 – that’s up 60,000 tons from its 2017 total.