All Forum Posts by: David Spurlock

Thanks Charlie for the input.  I guess I’m lucky that I don’t have to deal with an FBO - I only have to deal with the city.

Here’s a funny experience: just today I was reading an article from Auburn, WA where they have an 84 person waiting list and the city is creating an opportunity to build more hangars.

https://www.auburn-reporter.co...

I think the US and Europe aviation markets are on an upward trajectory and with the UAM markets picking up steam, Airport Development is going to be lucrative.

I'm just trying to get my first hangar project started so I can do more of them. I'm kind of stuck until I can find some Hard Money to pay for the second of two hangars I am doing the BRRR process on.

Thanks again,

Dave

Yes, I am improving on a ground lease hangar(s). 40yr with options. So I’m buying, adding capital improvements that are specific to aviation operations, then selling the hangars to the avionics company.  We’re also looking to build completely new hangars and we have talked with the city, FAA and TSA and they are relatively happy with the direction we are moving.  In that case, we may build off airport with a secure gate and taxiway.  Aviation is booming here in Phoenix and in Las Vegas.

No, it's standard on-airport hangar development. The development so far has been new construction and hangar renovation. As you know, the airport's land is typically government owned and leased out to build individual box hangars and T-hangars which are then rented, leased or sold to individual plane owners. I'm working on performing a BRRR process on two hangars in a 10 hangar row at the Glendale Municipal Airport (KGEU) in the Phoenix valley. I am building modifications to two adjacent hangars (7200 sqft). I have a guy who has an avionics business that wants mezzanines built for office space, technician training rooms, rest rooms and etc..

You actually hit on a great opportunity that is currently out of my budget limits and that is Air Park development.  I would love to be able to build some Air Parks in the beautiful forested areas up in Northern Arizona.

Thanks for asking, it provides me a sounding board/sanity check of my ideas. Another project I’m working on is the Urban Air Mobility (UAM) movement.  I’m trying to use some BRRRs to generate some revenue to build some UAM terminals.

Thanks again,

Dave

After years of regular real estate development where I needed to travel by plane. As a result, I discovered that many aircraft owners like me were experiencing a shortage of hangars. Naturally, owners didn’t want their expensive planes sitting outside in the weather. I started exploring the market and discovered that the shortages were wide spread.  I’m currently working some deal in the Phoenix valley where there are acute shortages of hangars. Roughly, there are 600 owners waiting on hangars.