{"id":33416,"date":"2020-07-16T16:57:04","date_gmt":"2020-07-16T20:57:04","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33416"},"modified":"2020-07-16T21:40:20","modified_gmt":"2020-07-17T01:40:20","slug":"renovation-rebuild-of-thruway-rest-stops-will-start-this-year-by-investment-group","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/07\/renovation-rebuild-of-thruway-rest-stops-will-start-this-year-by-investment-group\/","title":{"rendered":"Renovation, Rebuild Of Thruway Rest Stops Will Start This Year By Investment Group"},"content":{"rendered":"<figure id=\"attachment_33417\" aria-describedby=\"caption-attachment-33417\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-33417\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/07\/thruway-stops-hc.jpg\" alt=\"\" width=\"900\" height=\"671\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/07\/thruway-stops-hc.jpg 900w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/07\/thruway-stops-hc-300x224.jpg 300w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/07\/thruway-stops-hc-768x573.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-33417\" class=\"wp-caption-text\">This is a rendering of what new rest stops along the New York State Thruway will look like. Officials say upfront costs won\u2019t fall on toll payers.<br \/>Courtesy State Thruway Authority<\/figcaption><\/figure>\n<p>New York\u2019s Thruway rest areas are in line for a major makeover.<br \/>\nThe state Thruway Authority board of directors has approved a $450 million, 33-year deal that will require a private consortium to revamp all 27 service plazas along the 570-mile superhighway system in the coming years.<br \/>\nOfficials said the upfront costs will not fall on toll payers.<br \/>\nInstead, a consortium, known as Empire State Thruway Partners, will spend $300 million to rebuild 23 rest stops and extensively renovate the remaining four, with construction set to begin next year.<br \/>\nIt will also be required to pay the Thruway Authority at least $51 million in rent and invest another $103 million in improving the rest stops over the course of the three-decade-long contract, according to the Thruway Authority.<br \/>\nIn exchange, the consortium led by the John Laing Group, a private investment firm, will get to operate the restaurants, shops and facilities at the rest stops for 33 years.<!--more--><br \/>\nOfficials said that will likely attract a significant profit. The private firms will be allowed to keep what\u2019s left of the sales the rest areas produce each year after giving 0.84 percent of receipts to the Thruway Authority for rent.<br \/>\nEmpire State Thruway Partners is projecting more than $10 billion in gross sales over the course of the contract, according to the authority.<br \/>\n\u201cThe upgrades planned with this redevelopment project include innovative, modern initiatives to improve the customer experience for the tens of thousands of travelers who use the service areas every day,\u201d Thruway Executive Director Matthew Driscoll said.<br \/>\nThe contract is not yet final. It still needs approval from state Comptroller Thomas DiNapoli and Attorney General Letitia James\u2019 office.<br \/>\nThe private consortium still has the ability to break off the deal if it can\u2019t obtain financing because of turmoil in the financial markets, which is of particular concern given the uncertainty created by the coronavirus crisis, officials said.<br \/>\nThe John Laing Group is an investment firm that specializes in infrastructure. The firm took over operation of Connecticut\u2019s rest areas in 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York\u2019s Thruway rest areas are in line for a major makeover. The state Thruway Authority board of directors has approved a $450 million, 33-year deal that will require a private consortium to revamp all 27 service plazas along the 570-mile superhighway system in the coming years. Officials said the upfront costs will not fall [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":33417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Renovation, Rebuild Of Thruway Rest Stops Will Start This Year By Investment Group - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/07\/renovation-rebuild-of-thruway-rest-stops-will-start-this-year-by-investment-group\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Renovation, Rebuild Of Thruway Rest Stops Will Start This Year By Investment Group - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"New York\u2019s Thruway rest areas are in line for a major makeover. The state Thruway Authority board of directors has approved a $450 million, 33-year deal that will require a private consortium to revamp all 27 service plazas along the 570-mile superhighway system in the coming years. Officials said the upfront costs will not fall [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/07\/renovation-rebuild-of-thruway-rest-stops-will-start-this-year-by-investment-group\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2020-07-16T20:57:04+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2020-07-17T01:40:20+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/07\/thruway-stops-hc.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"900\" \/>\r\n\t<meta property=\"og:image:height\" content=\"671\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"jessewinters\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jessewinters\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/07\/renovation-rebuild-of-thruway-rest-stops-will-start-this-year-by-investment-group\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/07\/renovation-rebuild-of-thruway-rest-stops-will-start-this-year-by-investment-group\/\",\"name\":\"Renovation, Rebuild Of Thruway Rest Stops Will Start This Year By Investment Group - 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