The price has reached $5.3 billion, more than $1 billion above original estimates

By Amanda Fung

The latest price tag for the overhaul of the aging LaGuardia Airport has soared to $5.3 billion, more than $1 billion higher than previously estimated, according to The Wall Street Journal. The increase comes as the Port Authority of New York and New Jersey faces pressure to redo its crumbling midtown bus terminal.

The new estimate accounts for the cost to replace the airport’s Terminal B and other long-awaited redevelopment work. Back in 2014, the cost was projected to be $3.6 billion. The new figure is creating tension within the bistate agency. According to the Journal, Port Authority Chairman John Degnan is becoming irritated with the project’s scope and costs.

Earlier this month, Degnan spoke to Crain’s about the agency’s search for a new CEO and its proposed transit redevelopment projects, including the revamp of the bus terminal.