by Donald Wood
Last updated: 3:17 PM ET, Wed July 20, 2016
Photo courtesy of Thinkstock
Officials from Chicago's O'Hare International Airport have announced plans to build more gates and a new central terminal as part of a multi-billion dollar construction project.
According to Reuters.com, the majority of the plans are focused on the redevelopment of one of the airport's domestic terminals into a central terminal, including the expansion of passenger screening and concession areas.
The first step of the construction project will be the addition of new gates at O'Hare airport's international terminal. The cost of this phase will be an estimated $300 million, and would be raised through the sale of bonds backed by passenger facility charges.
The estimated cost and financing plan for the central terminal were not made available.
"Over the next 18 months, before the expiration of our current lease, American Airlines will continue to work with the city of Chicago to propel the customer experience at O'Hare into the future," American Airlines CEO Doug Parker said in a statement.
The city of Chicago has already spent $4.4 billion on new runways and other upgrades under an ongoing improvement and expansion project, and another $1.3 billion in airfield projects was announced earlier this year.
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