Dallas/Fort Worth Airport (DFW) and American Airlines have jointly announced a plan to build a sixth terminal.

The airport's Terminal F could open as soon as 2025 and will be designed for a gradual build-out of up to 24 gates. DFW and American estimate that the project will cost between $3 billion and $3.5 billion. The parties said the project would be financed by bonds to be repaid by charges airlines pay to the airport for the use of its facilities. 

Also included in the work will be an upgrade of DFW's Terminal C to include redesigned check-in areas, larger security checkpoints and expanded concession areas. 

In a prepared statement, Dallas Mayor Mike Rawlings said, "This will further solidify DFW's standing as one of the best international airports in the world."

Earlier this month, American completed a 15-gate expansion in what had been the unoccupied Terminal E. That project is allowing American to add approximately 100 regional flights per day this summer. American will operate more than 900 daily flights in June from DFW, which is its largest hub. 

DFW served 69 million customers in 2018, and the airport anticipates adding more passengers in the next two years than it did in the past two decades.

Design work for Terminal F will begin immediately, DFW and American said, with details to be finalized as part of a new lease agreement that is being negotiated.

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