The development is expected to guarantee the preservation of New York JFK's most iconic old terminal.
Tyler Morse, CEO of MCR Development, said: "The TWA Flight Center Hotel will celebrate and preserve Eero Saarinen’s masterpiece, returning the landmark to its original glory and re-opening it to the public.
"The TWA Flight Center Hotel will be an economic engine and a world-class airport hotel, creating approximately 3,700 construction and permanent jobs, 505 new hotel rooms, and 40,000 square feet of meeting space at JFK.
"Whether staying the night or simply exploring, international visitors and New Yorkers alike will be able to experience the magic of the Jet Age in this extraordinary mid-century icon.
"We are proud to play a part in governor Cuomo’s effort to revitalise New York’s airports for generations to come, and we look forward to working with all of the carriers at JFK to realise this vision.”
According to MCR Development, its plan ensures the complete rehabilitation of the national landmark to its 1962 glory.
The new hotel structure, it says, is to be set back from the terminal in a move designed to defer to the landmark.
The plan includes the creation of an innovative museum focusing on New York as the birthplace of the Jet Age, the storied history of TWA, and the Midcentury Modern design movement.
The hotel will also have its own 10,000 square foot public observation deck, be LEED certified and be 100% privately funded.
MCR Development, the developer and lead investor, is one of the largest hotel owners in the US with 89 hotels in 23 states, including the adaptive re-use project of The High Line Hotel in Manhattan.
The redevelopment plan is a public-private partnership between MCR Development, JetBlue, and the Port Authority of New York and New Jersey (PANYNJ).
Turner Construction is the building contractor.
Built by world-renowned architect Eero Saarinen, the TWA Flight Center opened as a terminal in 1962 ushering in a new era of jet air travel.
Unable to support the size of modern aircraft, the terminal was closed in 2001 and has remained empty for the last 14 years.
The Terminal was designated a NYC Landmark in 1994 and listed on the National Register of Historic Places and the New York State Register of Historic Places in 2005.