New York governor Andrew Cuomo on Thursday announced an ambitious plan to transform the iconic Eero Saarinen–designed TWA Flight Center at John F. Kennedy International Airport into the airport’s only on-site hotel complex.

The TWA Flight Center Hotel will comprise two six-story towers with 505 guest rooms, 40,000 square feet of event space, restaurants, a spa, and a 10,000-square-foot observation deck. The hotel, which is expected to be LEED-certified, will include a microgrid energy-management system that will allow the building to generate its own power. Beyer Blinder Belle and Lubrano Ciavarra Architects will design the hotels.

The Port Authority of New York and New Jersey will spend $20 million to preserve the original concourse, which New York City designated as a historic landmark in 1994. It will cost the Port Authority another $8 million to connect the hotel to JetBlue’s nearby terminal.

The $265 million project will be developed by Flight Center Hotel, a partnership between JetBlue and MCR Development. MCR will own 95 percent of the hotel, and the airline will own the remaining 5 percent.