The deal between hotelier André Balazs and the Port Authority of New York and New Jersey to redevelop the TWA terminal at John F. Kennedy International Airport, is off, Crain's New York reports.
In a statement issued by his company, André Balazs Properties, the hotelier said, "Standard International was invited to enter into exclusive negotiations based on its unique plans and designs for the adaptive re-use of the legendary building. After more than two years of negotiations, Standard International has been unable to reach a final agreement with the Port Authority and announced today that it will no longer pursue the project."
The Port Authority said in a statement that it is "already in discussions with a second prospective candidate from the request for proposal process to redevelop the historic TWA Flight Center," as the building is called.
In September, the agency and Balazs, the man behind the Standard hotels brand—in which he sold his majority stake last year—reiterated their commitment to work together to create a hotel and conference center with food and beverage outlets, retail, a fitness center and a flight museum at the Eero Saarinen designed former TWA terminal.
The joint statements made in September were the first official announcements that Mr. Balazs' firm was negotiating with the government agency, which had issued a request for proposals in 2011. Other hotel companies, including Starwood Hotels & Resorts Worldwide and Trump International were reportedly interested in the project as well.