By September it will pick four regions from this list: Napier, Rotorua, Hamilton, Tauranga, Palmerston North, New Plymouth, Nelson and Invercargill.
Flights are planned by the end of December.
Even without Jetstar, annual passenger numbers to Hawke's Bay are projected to grow from 460,000 in 2015 to 800,000 by 2030.
Mr Story said the airport company would fund the development from its own cash flows and bank borrowing. Shareholders - Napier City Council, Hastings District Council and central government - would not be asked to contribute to the project cost.
"Should shareholders approve our business case to redevelop the terminal, construction is likely to begin early in 2016 and we anticipate the new terminal would be open for business in 2017," Mr Story said.
A design team was planned to be in place by early October along with final approval from shareholders.
"There will be significant design changes to what we have now, however these are still in the process of being finalised. Inspiration for the design has been drawn from Hawke's Bay-specific culture and landscape, the airport as a gateway and sustainability, among other considerations."
Impact Project Management, the design-process manager, has received more than 50 expressions of interest for involvement with the upgrade so far and with the deadline is this week.
"It's a very exciting and high-profile project for Hawke's Bay and already we can see it is going to be a very competitive and robust tender process," the airport's project manager John Howarth said.
Sixteen Hawke's Bay cafe operators have responded to a request for proposals.
Ahuriri hapu Mana Ahuriri Incorporated's governance body will have an option to buy the Crown's 50 per cent airport shareholding should its Treaty of Waitangi claim be ratified by its members.
