The redevelopment of the country’s main gateway is on budget, according to the top man at the Nassau Airport Development Company (NAD).

NAD President and CEW, Stewart Steeves told reporters recently that the expansion of Lynden Pindling International Airport (LPIA) is not expected to go over the budgeted $409.5 million.

“The project is 100 per cent contracted, so everything is in a contract until final completion,” he said.

“Actually, looking at the value of those contracts together with a reasonable contingency, we forecast it to be complete under the $409 million we budgeted.”

He also noted that the company has saved some money along the way.

“We saved about $10 million by reusing the existing structure of what was the old U.S. Departures Terminal and turning it into the new Arrivals Terminal,” Mr. Steeves noted.

“Visitors will see, when it’s complete, that it will not mirror the old facility. It is a brand new facility, but we were able to use the framework so people will see a new facility in every way and because of that alone we were able to save a lot of money. The existing structure was still in good condition. It was no need to start from scratch.”

Phase I of the project was completed last year resulting in a new 247,000 square foot terminal. It is anticipated that the current phase II portion will be completed in the fall of this year, with the entire project scheduled for completion in November 2013.

The new airport, which is budgeted to cost $409 million, will include a $10 million state-of-the-art baggage system, eco-friendly building design features and artwork on display by local Bahamian artists, including Nicole Sweeting, John Beadle, John Cox and Susan Katz-Lightbourn.

The new facility is expected to create 150 to 200 jobs.

There are approximately 450 workers on site for this second phase, of which Bahamian labour represents 70 percent.

In addition, work for phase II has been awarded to 30 per cent Bahamian firms – roughly equal in participation to United States and Canadian firms.

Phase III will entail the construction of a new domestic/international departures and new domestic arrivals terminal at 112,000 square feet. It is projected to cost $84,000 to construct.

The entire project is scheduled for completion in the fall of 2013.