Dallas-Fort Worth International Airport and American Airlines revealed plans Monday to develop a sixth terminal at the airport, Terminal F.

Initial plans call for DFW Airport, which is jointly co-owned by the cities of Dallas and Fort Worth, to invest up to $3.5 billion in terminal improvements, including the construction of Terminal F and enhancements to Terminal C.

"We get more complaints about C than anything, so this is a real win for the travelling public, to renovate C and have a beautiful new terminal, too," said Fort Worth Mayor Betsy Price.

The identified site for a new terminal south of Terminal D is currently a parking area. The terminal link shuttle already passes through the area in anticipation of the new Terminal F. Up to 24 new gates would be included in the new terminal in phases, as demand for additional space is warranted.

DFW CEO Sean Donohue said the new construction work will be a big job creator for local workers.

"It will be a huge opportunity for business and as I mentioned, not just big businesses, but small minority and women-owned businesses," Donohue said.

American Airlines CEO Doug Parker said the carrier is already operating around 900 flights a day at DFW.

"We know we’re going to need more than we have today by the time this terminal is built and we’re excited about the ability to expand even further," Parker said.

Design work for Terminal F will begin immediately and it's expected to open in 2025.

The airport said in a news release that "the design of Terminal F is expected to accommodate a changing aviation industry as DFW utilizes innovative technologies to facilitate the movement of customers, maintain cost efficiencies for airlines and improve operational performance."

DFW and American will explore several different options for the layout of the Terminal F site and that they expect the details to be finalized as part of a new airlines lease agreement for DFW that is being negotiated. DFW and American anticipate the investment to be financed by bonds and repaid through airlines rates and charges over the life of the bonds.

"Today's announcement sets the stage for DFW Airport's next 50 years," Donohue said. "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."

DFW Airport is considered a major factor in attracting new business to North Texas.

"We’re talking to a big business right now that is thinking about moving here, and location, location, location is important," said Dallas Mayor Mike Rawlings. "But you have to have an infrastructure to do that. The fact that American has flights to so many places in this nation and the world, and it’s a wonderful experience at DFW, is one of those things that sets us apart."

Earlier this month American Airlines and the airport recently opened 15 new gates at the Terminal E satellite. The airline now serves more than 9,000 one-stop destinations.

American Airlines is in the midst of a massive expansion at DFW Airport. "This is the largest expansion at a U.S. airline hub probably in twenty years or so," said Vasu Raja, American's Vice President of Planning. The Fort Worth based airline is adding 100 departures a day this summer from its largest hub.

"We look forward to accommodating the continued growth of our city and the region through infrastructure improvements and expansion at DFW Airport," Mayor Price said. "We're glad to see DFW's anchor carrier, American Airlines, headquartered in Fort Worth, collaborate with the Airport to take this area to new heights. This new terminal will further fuel economic development and job growth in our region."