The Port Authority provided nearly $800 million (£430 million) in financing for the new 26-gate, 635,000-square-foot terminal, which was designed to handle up to 20 million passengers per year. The new Terminal 5 stands behind the landmark TWA Terminal and the two buildings are joined via tubes that were used by TWA’s passengers to access gates. The TWA Terminal, designed by renowned architect Eero Saarinen, is controlled by the Port Authority, which is currently rehabilitating the structure. The TWA Terminal no longer can meet the needs of passengers because of its many aeronautical limitations, but the Port Authority is committed to reopening this marvel of modern architecture to the public. Next year, the agency is expected to begin a process that ultimately will provide a vibrant new life for the structure by adapting it to new airport-related uses, which are yet to be determined.

"A few years ago the Port Authority seized the chance to work with JetBlue on building a new terminal in the space behind the iconic TWA Terminal,” Port Authority Chairman Anthony R. Coscia said. “Our contribution of nearly $800 million in financing is a smart, forward-looking investment to create new capacity at Kennedy Airport, consistent with our overall strategy for reducing flight delays in the aviation system. We congratulate JetBlue for its efforts in bringing this magnificent new passenger terminal to JFK.”

Port Authority Executive Director Chris Ward said, “Kennedy Airport’s remarkable 60-year history as the gateway to the world adds an important new chapter today with the debut of the new Terminal 5. We’re proud to have invested in a facility that will play such a critical role in accommodating future growth in air travel, and we wish JetBlue the greatest success.”

The terminal is part of the agency’s 10-year, $29.5 billion (£15.8 billion) capital plan, which includes more than $6 billion (£3.2 billion) in improvements and enhancements to the agency’s airports.