The plan calls for a $650 million, 30-gate terminal with three concourses and a parking garage. It will also include a $17 million hotel, a $72 million power station and a $87 million ramp to connect I-10 traffic to and from the new terminal.

Existing facilities would then be redesigned to accommodate commercial cargo, airport staff and FAA and TSA offices.

The project would be funded through a combination of self-generated airport funds and through federal and state grants. City leaders have been calling for airport renovations or expansions for more than a decade and New Orleans Mayor Mitch Landrieu says it is integral to the city's commerce.

"It makes economic sense and will create over 13,000 jobs in construction. This option provides us the ability to build on [recent improvements] and create the world-class airport that the city deserves," Landrieu said in a recent press release.

The plan review is being managed by Parsons Brinckerhoff with design headed by Leo A Daly.

Landrieu says the city would hope to break ground next year and have the new terminal open my May 2018 in celebration of the 300th anniversary of New Orleans.