The project will transform and modernise the current three-terminal layout, which has remained largely unchanged since it opened in 1972, despite nearly tripling its passenger traffic.
It is the largest infrastructure project in Kansas City's history.
Designed by the Chicago based Skidmore, Ownings & Merrill (SOM) and projected to create 5,000 joibs, the new terminal will boast one million square feet of space and 39 gates.
According to the US gateway, upon opening in 2023, the new complex will reflect the Kansas City region's identity as a business, visitor and lifestyle destination in central USA.
"A modern airport that is attractive to passengers and airlines is an important competitive advantage for any major metropolitan area," said Tim Cowden, president and CEO of the Kansas City Area Development Council.
"KC has a long track record of investing in its cultural assets, major league sports facilities, roads, bridges and mass transit options, and a new single terminal at KCI is the next important phase in our region's growth."
Additional project highlights include close-in parking; a two-level kerbside pick-up and drop-off area; expanded flight options and waiting areas at each gate to accommodate an increased number of passengers and larger aircraft; and a host of new post-security amenities.
The airport is partnering with Edgemoor Infrastructure & Real Estate on the project.