A new $4 billion LaGuardia Airport coming

New York Governor Andrew Cuomo announced on Monday that a massive $4 billion overhaul of LaGuardia Airport is set to kick off next year.

"New York had an aggressive, can-do approach to big infrastructure in the past - and today, we're moving forward with that attitude once again,"Gov. Cuomo said at a luncheon.

"We are transforming LaGuardia into a globally-renowned, 21st century airport that is worthy of the city and state of New York."

Gov. Cuomo made the announcement alongside Vice President Joe Biden, who in 2014 infamously likened LaGuardia to a "third-world" experience.

"I wish everything I said that's truthful but controversial turned out this way," Biden said in a speech at the luncheon.

According to CNBC's Reem Nasr, Cuomo told the audience that many of the approvals that would have taken years to complete were expedited by the vice president's office.

"An outdated, overcrowded, and poorly designed facility is holding back LaGuardia's employees," Biden said.

The LaGuardia overhaul is expected to break ground next year, and take 18 months to complete, CNBC reported.

The new airport will feature one large terminal building instead of the current collection of smaller facilities and will be structured to provide more space for flight operations.

The airport renewal project is expected to generate 8,000 construction jobs and another 3,700 jobs at a planned new airport hotel.

LaGuardia Airport is the smallest of New York's three major airports and is located on Flushing Bay in Queens. It opened for operation in 1939.