The Chandler City Council approved a 30-year ground lease with CHD Curtis East LLC, a new subsidiary of Vesper Aviation, to develop 4.798 acres of currently undeveloped land adjacent to an airport taxi lane at Chandler Municipal Airport. Within 24 months of lease execution, the company will deliver a minimum of 10 standard, 4 large and 2 extra-large executive hangars. Over the project’s lifetime, Vesper Hangars will develop and sell or lease a total of 29 units. Spanning 113,000 square feet located on the airport’s northern boundary, the project addresses growing regional demand for hangar space.
The city will also receive 1% 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.
