The Chandler City Council this week unanimously approved a ground lease for 29 new executive hangars at Chandler Municipal Airport in Arizona. Vesper Aviation subsidiary CHD Curtis East LLC will develop the hangars on currently undeveloped airport property and offer them for sale or lease.
Hangars Coming in 2028
The project will occupy 4.798 acres along the airport’s northern boundary under a 30-year ground lease that includes an option for a 10-year extension. The agreement requires Vesper to complete at least 16 hangars within 24 months of the lease taking effect. Vesper says the full development is expected to open in 2028.
The 29 hangars will total 113,124 square feet across four buildings. Plans range from 2,750-square-foot standard hangars intended for piston aircraft and very light jets to units measuring more than 7,600 square feet. Larger hangars are intended for turboprops and business jets. The city will receive 1% of the sale price when a hangar changes ownership or when a long-term prepaid rental agreement is completed.
Long Hangar Wait List
Chandler’s city-owned hangars and covered tiedowns are currently at 100% occupancy, according to the airport’s aircraft-storage page. The city’s published hangar waiting list includes applicants who first joined as far back as 2013. More than 125 privately owned hangars are also located at the airport and periodically become available.
“The demand for aircraft storage in the East Valley has outpaced supply for decades.” Chandler Municipal Airport Manager Ryan Reeves said in the city’s announcement. “This partnership with Vesper Aviation will give pilots and aviation businesses the world-class facilities they need, right here in Chandler.”
Vesper is currently accepting pre-lease and pre-purchase inquiries for the new units.
0 replies