The Real Deal New York

Grounded: Balazs calls off plan to redevelop JFK terminal

January 31, 2014 09:56AM

Hotelier André Balazs’ deal with the Port Authority of New York and New Jersey to redevelop John F. Kennedy International Airport’s TWA terminal has been called off. Balazs was looking to create a hotel and conference center with a large retail component at the landmarked terminal site.

“Standard International was invited to enter into exclusive negotiations based on its unique plans and designs for the adaptive re-use of the legendary building,” Balazs’ company said in a statement to Crain’s. “After more than two years of negotiations, Standard International has been unable to reach a final agreement with the Port Authority and announced today that it will no longer pursue the project.”

The Port Authority said in a statement to the magazine that it was already in talks with a second suitor to redevelop the site. Other hotel groups, such as Starwood Hotels & Resorts Worldwide and Trump International have expressed interest in the project. [Crain’s]  – Hiten Samtani