Tampa International Airport Cancels Nearly $1 Billion in Projects
Tampa International Airport (TIA) has announced that it will be deferring or outright canceling about $900 million in projects over the next five years. This is just the latest in a string of high-profile projects forced to be put on hold as a result of the coronavirus disease 2019 (COVID-19) pandemic. However, not all is lost for these lucrative projects or the construction companies that bid on them.
Below, we dive into the cancellation of nearly $1 billion worth of construction projects and why this doesn’t mean the end for construction at TIA. If you are the head of a construction company that relies on infrastructure projects like these to survive, consult a Tampa construction lawyer from Cotney Attorneys & Consultants for procurement and legal assistance.
The Uncertainty of Air Travel
Air travel has substantially declined as a result of the spread of COVID-19. Safety precautions and cheap airfare aren’t enough to entice flyers who are concerned with being packed on board a plane. As reported by ENR, it’s these travel declines that have resulted in the cancellation of the nearly $1 billion worth of projects, including the construction of Airside D — a 16-gate terminal with a price tag of $690 million. This was all part of a $2 billion expansion plan. Unfortunately, the trickle of travelers seen today does not justify such a monumental project — at least, not yet.
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The Next Steps
TIA now plans to move forward with construction in 2025 while reexamining passenger traffic for the time being. “It was a smart approach that is now serving us well as we recalibrate our budget and our expectations for the next few years,” said TIA CEO Joe Lopano in a statement. “We will very much see a need for Airside D in our future and we’re thankful we have the flexibility to build it when the time is right.” In the interim, roughly $150 million in projects are underway at TIA.
Related: 4 Reasons Why You Should Protest an Unfavorable Bid Decision
Securing Your Company’s Future
Although contractors will have to wait a few years to work on Airside D, there are a number of current solicitation opportunities offered by TIA. Any of these projects could be a lucrative opportunity for you and your construction company. However, winning the right to work on such projects is easier said than done, especially with infrastructure projects being shelved left and right. If your company ever needs to protest or defend a bid award, consult the Tampa construction attorneys from Cotney Attorneys & Consultants. Our team is adept at helping construction companies throughout the procurement process, and we’d love nothing more than to help your company secure its next high-profile project.
If you would like to speak with one of our Tampa construction lawyers, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.