JFK is getting the international gateway its passenger numbers have long outrun. The $9.5 billion New Terminal One is going up on the sites of the old Terminal 1 and the demolished Terminals 2 and 3, and when it’s finished it will be the largest terminal at the airport, with 23 gates across a 2.6-million-square-foot footprint.
Project Scope. The project is structured as a public-private partnership. A consortium led by Ferrovial, JLC Infrastructure, Ullico and Carlyle is financing, building and will operate the terminal, with the Port Authority of New York and New Jersey as the public owner and Gensler leading the design. The build is phased: the first 14 gates and the new arrivals and departures halls open in 2026, with the full 23-gate terminal and more than 300,000 square feet of retail, dining and lounge space completing by 2030. The terminal is being built with union labor.
Why It Matters. JFK has been a patchwork of aging, separately operated terminals for decades, a frequent low point in U.S. air travel. New Terminal One is the centerpiece of a broader effort to consolidate and modernize the airport into something competitive with the best international hubs. The phased 2026 opening lands as New York prepares for a wave of global events and rising international traffic. As one of the largest P3 terminal projects in North America, it’s a closely watched test of whether private capital and operation can deliver public airport infrastructure on schedule.
Project Team & Details
| Developer | Ferrovial; JLC Infrastructure; Ullico; Carlyle |
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| Owner / Client | Port Authority of New York and New Jersey |
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| Architect | Gensler |
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| Status | Under Construction |
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| Delivery Method | Public-Private Partnership (P3) |
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| Funding Source | Public-Private Partnership (P3) |
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