Aviation Development Group of Denver has unveiled plans to develop a 27-unit, multi-phase hangar complex at Spirit of St. Louis Airport (SUS) in Chesterfield, Mo.
The $8.5 million project, located at the northeast corner of North Bell and Edison Avenues, will supply a mix of corporate and executive box hangars ranging in size from 1,800 square feet (46 by 40 feet) to 3,780 square feet (63 by 60 feet). The hangars are designed to accommodate everything from single-engine piston aircraft to mid-size corporate jets and will include standard amenities such as metal halide lighting, 100-amp electrical service, rough-in plumbing for bathrooms, CAT 5 cable and full insulation. Seven of the hangars will have attached bungalows varying in size from 750 square feet to over 3,300 square feet, intended for office space, flight planning or personal, non-residential use. Six bungalows will include attached, two-car garages.
The hangars will be sold as condominiums subject to a 40-year ground lease, with prices starting at $157,000.
“Typically, opportunities for purchasing new aircraft hangars are limited because most hangars are only available for lease. Ownership is an attractive alternative to leasing for some operators because it offers the opportunity for tax benefits and capital appreciation,” said Michael Dunn, manager of ADG. “Despite the challenging economic climate, there are advantages to starting this project now — construction costs have never been better,” he added.
Pre-sales will be a condition precedent to financing and construction of the development. Dunn estimates that 70% to 80% of the units will need to be pre-sold prior to construction commencement. According to Dunn, several aircraft owners and aviation businesses have already made inquiries or reservations. Local banks have also expressed interest in providing construction financing for the project.
Subject to sufficient demand, the development should begin construction in the first quarter of 2010 and be complete late next year.
For more information: AviationDevelopmentGroup.com
