The Chandler City Council has unanimously approved a ground lease with a new subsidiary of Vesper Aviation, CHD Curtis East, to build 29 new executive hangars for sale or lease at Chandler Municipal airport in Arizona. Vesper Hangars, the new development, will span 113,000 sq ft located on the airport's northern boundary, addressing growing regional demand for hangar space.

“Chandler has always been a city that invested in its future, and this development is a prime example of that commitment,” says Chandler Mayor Kevin Hartke. “This lease puts a dormant city asset to work, brings a proven aviation partner to Chandler and delivers real value to taxpayers, all without putting a dime of public money at risk. This also is smart growth that benefits pilots, businesses and the East Valley for decades to come.”

Vesper Aviation develops, owns and operates FBOs and hangar facilities in Texas, California, Washington and Arizona, and continues to expand into other US markets. The company is backed by aviation families, including professional pilots, an aviation mechanic and owners of multiple aircraft, who collectively bring experience developing, owning and operating more than four million square feet of facilities. That combination of firsthand aviation knowledge and operational experience informs Vesper's long-term, hands-on approach to all its projects.

“Vesper was built by people with a deep passion for and long history in general aviation,” states general partner and investor Daniel G. Hernandez. “All of our owners are hands-on, always have a long-term outlook and are deeply committed to delivering exceptional products and services everywhere we operate. In Chandler, that means listening carefully to pilots, building quality facilities and being a responsible partner to the airport and the surrounding community.”

Under the terms of the 30-year ground lease, with a single 10-year extension option, CHD Curtis East will develop 4.798 acres of currently undeveloped land adjacent to an airport taxi lane. Within 24 months of lease execution, the company will deliver a minimum of 10 standard, four large and two extra-large executive hangars. Over the project's lifetime, Vesper Hangars will develop and sell or lease a total of 29 units.

The city will also receive one per cent of the sale price each time a hangar changes hands or a long-term prepaid rental is executed, which provides ongoing revenue benefit to the community.

“Chandler Municipal Airport has been a cornerstone of this city for nearly a century, and this development is a significant investment in its future,” concludes airport manager Ryan Reeves. “The demand for aircraft storage in the East Valley has outpaced supply for decades. This partnership with Vesper Aviation will give pilots and aviation businesses the world-class facilities they need, right here in Chandler.”