WATCH: Billy Bishop old terminal to be restored, redesigned into a restaurant

Newstalk 1010's Justine Lewkowicz got a tour of the dilapidated, historic building.

The Toronto Port Authority has announced that it finally has restoration plans for a dilapidated building at Billy Bishop airport that has set empty for four years.

It is the original "Terminal A" that was replaced in 2010 by the one you go through today.

The TPA has spent years trying to figure out what to do with the building, which was put up in 1939 and named a historic site in 1989. Today, the paint inside is peeling, walls are crumbling, and caution tape blocks off large holes in the floor.

"It's representative of early airport building construction and is one of the last remaining of its kind in the world," says Mark McQueen, TPA chairman.

Led by investor Alexander Younger, a private sector group will lead a restoration project to bring event space and a public restaurant to the terminal.

Before the building is redesigned, it will be moved about 100m east of its current location to bring it closer to the ferry at Hanlan's Point. You won't have to go through the airport to get there.

TV personality Sarah Richardson and celebrity chef Lynn Crawford have been brought in to design the new space.

"To have an infusion of both design and culinary excellence takes it to a new level of making it a destination," Richardson says. "And I think we all take a look at this as being an 'if you build it, they will come' approach."

Younger says he already has a group of investors in place to cover the costs, though he hasn't released any numbers at this time. He adds that the restoration will be fully paid for by the private sector.

Officials hope to have the new building open to the public in spring of 2016.

WATCH: Newstalk 1010's Justine Lewkowicz got a tour of the old terminal today.

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