Dallas Fort Worth International Airport and American Airlines are planning to develop a sixth terminal, providing a long-term commitment from the airline in the fastest growing region in the United States.

The plans call for DFW to invest $3-$3.5 billion in terminal improvements, including the construction of Terminal F and enhancements to Terminal C.

The identified site is south of Terminal D, with room for up to 24 gates, as demand for additional facilities is warranted.

Design work for Terminal F will begin immediately. DFW and American will explore several different options for the layout of the Terminal F site. DFW and American expect the details to be finalized as part of a new airlines lease agreement for DFW that is being negotiated.

They anticipate the investment to be financed by bonds and repaid through airlines rates and charges over the life of the bonds.

DFW Airport CEO Sean Donohue says in a statement that it sets the stage for the next 50 years.

"The new Terminal F and the expansion that could follow will provide the region with the growth it needs to compete with international business centers," Donohue says. "The airport is growing faster than ever, and it needs to keep pace with the Dallas-Fort Worth economy to provide jobs and connections for businesses and families."

The design of Terminal F is expected to accommodate a changing aviation industry as DFW utilizes new technologies to facilitate the movement of customers, maintain cost efficiencies for airlines, and improve operational performance.

DFW and American also plan to also update Terminal C — which opened in 1974 and is one of the original terminals — bringing it in line with Terminals A, B, and E, on which renovations were completed in 2018. Those renovations included redesigned check-in areas, larger security checkpoints, expanded concessions spaces, and improved lighting and flooring.

DFW Airport welcomed a record 69 million customers in 2018. The airport anticipates more passengers and air service to be added in the next two years than in the past two decades.

In 2018, DFW announced 28 new destinations, giving it a larger domestic footprint than any other U.S. airport. Customers also have access to more than 60 international destinations from DFW, with double the number of European destinations and frequencies since 2015.

Over the past several years, American has expanded with additional DFW service, and by June 2019, the airline will operate more than 900 daily flights from the airport, with access to more than 230 nonstop destinations.