British Airways and American Airlines will invest $344 million to expand and improve John F. Kennedy International Airport (JFK) Terminal 8 as part of a comprehensive joint public-private partnership to completely overhaul the New York City airport.

The Terminal 8 enhancements are part of an agreement between the Port Authority of New York & New Jersey and American Airlines to ready the terminal in preparation for British Airways moving from its current location in Terminal 7 and joining American in Terminal 8. Terminal 7 will be replaced as part of JetBlue Airways’ plan to build a new terminal on the airport’s north side.

The American Airlines and British Airways investment will add 70,400 sq. ft., including 33,000 sq. ft. of new public space, while 57,500 sq. ft. of existing space will be refurbished. New amenities will include premium lounges for both carriers, enhanced baggage systems, premium check-in space and upgraded concessions.

Included in the project will be five additional wide-body gates to allow for more transatlantic flights and four nearby on-airfield plane parking/unloading areas. When completed early next decade, Terminal 8 will be able to handle 14 daily flights to London.

“We’re excited to announce our move to Terminal 8, alongside American Airlines, our Atlantic joint-business partner,” says British Airways Chairman/CEO Alex Cruz in a statement. “Offering the best customer experience at JFK now and in the future is a top priority. We look forward to working with the Port Authority and American Airlines to continue building a world-class transatlantic travel experience in our new home from 2022.”

New York officials stress that no Port Authority funding is being committed to the Terminal 8 upgrade.

All told, $13 billion will be invested as part of the plan unveiled by New York state in October 2018, to completely upgrade JFK. The plan, 90 percent of which will be funded by private investment, calls for a unified and interconnected airport featuring two new international terminals with state-of-the-art passenger amenities, convenient ground transportation options, and better roadways around the airport more roadways that will eventually boost JFK’s annual capacity by 15 million.

“Only four months ago, we announced plans to transform JFK Airport into a state-of-the-art global hub, with new and unified terminals adding 4 million square feet and increasing the airport’s capacity by at least 15 million passengers annually,” New York Governor Andrew Cuomo says in a statement. “Today that transformation is well underway, with an extraordinary private investment that will turn JFK into a truly modern airport.”