TAMPA, Fla. (WFLA) – The Tampa International Airport is preparing for phase 3 of its master plans, which includes building Airside D, a new terminal set for a 2027 completion.

The terminal will help the airport keep up with increased traffic and demand expected over the next two decades.

The airport expects over 23 million passengers in the 2023 fiscal year. They expect that number to nearly double by the year 2042.

The Airside D project has a price tag of $787 million, which will be paid for using federal grants and bond issues.

“We have to stay ahead of the curve for not only tourism but business, and we think this plan keeps us well ahead of the curve,” said Joe Lopano, the airport’s CEO.

The new terminal will add more gates to the 58 gates already in use at the four other airsides. Leaders estimate the airport brings more than $14 billion in economic activity every year.

“As an airport developer, we don’t ever want to get behind growth and our region is growing leaps and bounds right now and we have to stay in front of that,” said Jeff Siddle, TPA’s Vice President of Planning and Development.

The project was outlined for the public in St. Petersburg on Wednesday night in the second of three meetings scheduled to allow public questions and comments. The third and final meeting will take place in Pasco County in the spring.