A piece of Toronto’s history will avoid the wrecking ball after private investors and the Toronto Port Authority struck a deal to transform Billy Bishop airport’s original passenger terminal building into a restaurant and event space.

Built in 1939, the island airport’s original Terminal A building has been vacant since a modern $50-million terminal opened four years ago.

The wooden building, declared a national historic site 25 years ago, has been sitting on a patch of grass at Billy Bishop Toronto City Airport while the TPA tried to find a new purpose for it.

After reaching an agreement in principle, officials announced Tuesday the relic will be renovated and moved closer to the Hanlan’s Point ferry dock, giving island visitors a new dining option and event planners a new venue to choose from.

The group of private investors is represented by businessman and pilot Alexander Younger.

Celebrity designers Sarah Richardson and Tommy Smythe have signed on to design the interior, while celebrity chef Lynn Crawford and Ruby Watchco executive chef Lora Kirk will help out with food and event space management.

The TPA told reporters the restoration project will be paid for by the private sector, with a targeted opening date of spring 2016.

Before it was replaced in 2010, the original Terminal A building was used for passenger and baggage handling, air traffic control and airport administration.

The TPA said the building is a rare example of early airport terminal constriction because it is one of only a few of its kind remaining in the world.

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