The 2.4-million-square-foot terminal will be built in phases, with groundbreaking set to take place in 2022. More than 6,000 construction jobs are expected to be created.

Private partners will provide financing to cover full cost of terminal and the Port Authority of New York & New Jersey (PANYNJ) will build the supporting road and utility infrastructure.

Governor Kathy Hochul announced that PANYNJ has reached a revised agreement with New Terminal One (NTO) - a consortium of financial sponsors - to build the new international terminal at the south side of John F. Kennedy International Airport.

The US$9.5bn project will be built in phases is the fourth major terminal project announced by the Port Authority as part of a complete transformation of JFK

The Port Authority Board of Commissioners will vote on the proposed lease agreement at its meeting this week. The full cost of the terminal will be privately financed by the NTO consortium, which includes financial partners Carlyle, JLC Infrastructure, and Ullico. A joint venture of Munich Airport International and CAG Holdings is the operating and technical services partner to the consortium.

As part of the project, the Port Authority will undertake a number of infrastructure upgrades and improvements including roads, parking, and utilities including a new electrical substation. The New Terminal One will be built on the sites of the current undersized and outdated Terminal 1, the ageing and obsolete 59-year-old Terminal 2, and the site of the former Terminal 3, which was demolished in 2013. Construction of the new terminal is scheduled to begin in mid-2022 and the first phase, including the new arrivals and departures hall and first set of new gates, is expected to open in 2026, with full completion anticipated in approximately 2030.

The project was initially scheduled to break ground in 2020.