07/26/2011 09:32 am ET Updated Sep 25, 2011

Apple Looks To Build New Store In Grand Central Terminal (VIDEO)

Apple is awaiting approval this week to build one of its largest stores ever in Grand Central Terminal's iconic main concourse, according to the Wall Street Journal.

New York City's Metropolitan Transportation Authority (MTA) is expected to give the project the go-ahead Wednesday, primarily because of the financial incentive. The lease will cost Apple $800,000 annually for the first ten years, and $1.1 million every year thereafter, note PC World and the Journal. If the MTA approves the plan, Apple will begin construction immediately, and is expected to complete the project in approximately four months.

The current tenant, Charlie Palmer's Metrazur restaurant, pays $263,997 annually. Further, Apple has agreed to pay Metrazur $5 million, if they vacate their east balcony location immediately.

In total, the Apple store would span over 23,000 square-feet; making it the largest of Apple's already-impressive fleet. Currently, Apple's largest store is in London's Convent Garden: It occupies 25,000 square feet, 16,372 square feet of which is open to the public, according to

While the store itself is sure to be the retail wonder expected of Apple, some commuters may be concerned about the possible increase in foot traffic through Grand Central.

See renderings of the proposed Apple Store on the Wall Street Journal. Also check out Apple's spaceship-like design for its new campus in California.