The Port Authority of New York & New Jersey has reached an agreement with Munich Airport International GmbH to operate and maintain a $2.7 billion construction of Terminal One at Newark Liberty International Airport.

According to the Port Authority, EWR Terminal One LLC will oversee operations, maintenance and concession functions once the terminal is completed. Terminal One is replacing the outmoded Terminal A and is scheduled to be fully operational by 2022. The operator will also be making short-term customer enhancements in Terminal A until that terminal is closed.

Terminal One will feature digital technology, dining and retail options in approximately 1 million square feet of space, about 20 percent larger than Terminal A, according to Port Authority. It will accommodate an estimated 13.6 million passengers annually on three levels.

The new terminal will have 33 common-use gates – five more than at Terminal A – to handle larger aircraft and modernized check-in, security and baggage claim areas.

According to Port Authority, Terminal One is the state’s largest design-build project, expected to generate more than $4.6 billion in regional economic activity, create more than 23,000 job years and provide more than $1.9 billion in wages.

“We wanted to bring a world leader in customer service and concession management to Newark Liberty, and MAI fits the bill,” Port Authority Chairman Kevin O’Toole said in a statement. “New Jersey travelers deserve world-class service and the brand new Terminal One will improve the travel experience for Garden State residents and visitors while creating new jobs and business opportunities in the region.”

“We look forward to working with the Port Authority on this exciting project, and to bringing world-class operations, services and amenities to the new Terminal One,” Ralf Gaffal, managing director of Munich Airport International, said in a statement.