Renderings, from HOK, show a new central airport terminal sitting above a regional rail station serviced by Amtrak's Acela and NJ Transit. The plan could also preserve 130 acres of open space, including an elevated promenade park space. The residential portion would sit near existing homes in Elizabeth.

Construction is already underway on a $2.7 billion overhaul of Newark's oldest terminal, Terminal A, the largest investment in New Jersey in the Port Authority's history. The airport's terminal B will be replaced as well, though plans for that terminal are still in the design phase.

Carlo Scissura, president and CEO of the Building Congress, said his organization supports those plans.

"But we're saying now, let's think bigger," Scissura said. "More than just terminals and roads, there an opportunity to have more ideas, more development and more thought for the future of the entire area, not just the airport."

The Port Authority would likely lead such an effort, but the report does not speculate on how long it would take to build an "EWR City," nor how much it would cost. Scissura said he hopes the report—part of a "Building the Future of New York" series—spurs conversations that would bring the particulars of the project into better focus.

View the full report here.