Plans to redevelop the historic TWA Flight Center at JFK Airport in New York into a shiny new hotel complex have been formally approved.

The $265 million project will break ground next year and redevelop the historic terminal into a sprawling 40,000-square foot (3,716-square meter) hotel that will include 505 guest rooms, conference, event and meeting space, food and beverage outlets.

It will also feature a 10,000-square foot public observation deck. The terminal, which originally opened in 1962 and was designed by Eero Saarinen, will be restored to harken the golden age of air travel.

Plans also include an aviation museum that will showcase New York as the “birthplace of the Jet Age” and tell the story of Trans World Airlines, which served as one of the biggest airlines in the US, alongside Pan Am.

Unable to accommodate the size of the modern aircraft, the terminal, which is a designated NYC landmark and listed on the National Register of Historic Places, closed in 2001. The hotel is scheduled to open in 2018.