Construction work on the $807m new terminal project at Louis Armstrong International Airport is reportedly set to commence in early January.
The development follows after the New Orleans Aviation Board approved the final construction costs.
Following the approval, Mayor Mitch Landrieu reportedly signed an initial $598m contract with construction manager Hunt-Gibbs-Boh-Metro.
Landrieu was quoted by AP as saying: "This airport has been in the mind's eye of the public for about 40 years.
"There have been innumerable mayors' administrations, governors that have tried to find the time, the space or the money to build a world-class airport that the people of New Orleans deserve."
The newly developed airport is expected to open before the city's tricentennial celebrations in 2018.
Work under the project will also include building a new airport access road, a storm water pump station, design and engineering, and other costs for building an empty field north of the airport's main runway are calculated.
The project is funded mainly with general airport revenue bonds, which are ultimately paid for by the airlines operating at Armstrong, along with federal and state grants and capital funds.
The new terminal will replace the original terminal dated 1959 and will work to meet the demands of modern travel and passenger expectations.
The 760,500ft2 new terminal will have 30 gates, a car parking garage with a capacity to accommodate 2,000 cars, a ground transportation staging area and a central utility plant.
It will have almost all its stores and restaurants located behind the security area.
Image: New Orleans Armstrong Airport terminal with artwork, Kenner, Louisiana. Photo: courtesy of Infrogmation.