Construction work on the $9.5bn New Terminal One at JFK International Airport in New York, US, is set to begin this summer, following receipt of financial and environmental clearances.

Financial close has been achieved for the first phase of the project. The project has also secured final environmental approval from the Federal Aviation Administration.

New York Governor Kathy Hochul said: “The construction of this new state-of-the-art terminal at JFK is key to our vision for a new era in New York

“This transformative project is moving forward full steam ahead and when complete will provide for a passenger experience that serves as a model for the unparalleled potential of New York.”

Last week, Ferrovial agreed to buy 96% of The Carlyle Global Infrastructure Fund’s 51% stake in New Terminal One, a consortium appointed to design, construct and operate the terminal.

Ferrovial Airports CEO Luke Bugeja said: “We are honoured to partner with the Port Authority of NYNJ, JLC Infrastructure, Ullico and Carlyle to bring a world-class airport terminal to life at John F Kennedy Airport.

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“This transformative project will delight travellers and deliver the intended benefits to the community of one of the world’s most popular and important destinations and international gateways to and from the US.”

The new 2.4 million square feet New Terminal One will be developed in the area currently occupied by Terminal 1 and Terminal 2, as well as the former Terminal 3.

The construction works will be carried out in three phases. Phase one will see the creation of a new arrivals and departures hall as well as the first set of new gates, scheduled to open in 2026.  

All three phases are expected to be completed by 2030.

The project is expected to create at least 10,000 employment opportunities, of which 6,000 will be construction jobs.

Once completed, New Terminal One will be the largest terminal at JKF airport, featuring 23 gates along with new check-in halls and arrival spaces.