Last year, the Port Authority issued a proposal to turn JFK’s landmarked TWA Terminal into a boutique hotel, and Andre Balazs, developer of the Standard, was on the list of interested parties. Now, nearly 22 months after those rumors, the Journal is reporting that Balazs is in negotiations with the Port Authority for the project. Sources say they hope to finalize a deal in the next few months. If the development moves forward, the Eero Saarinen-designed flight center would become the lobby for a 150-room hotel.

Completed in 1962, the TWA Terminal has been vacant since American acquired TWA in 2001. It was added to America’s 11 Most Endangered Historic Places list in 2003.