A Colorado-based real estate development firm specializing in the aviation industry has broken ground on a private hangar hub at the San Antonio International Airport.
Western is redeveloping a parcel of land where the former Hawker Beechcraft maintenance facility closed in 2013 into a $25 million corporate hub of seven hangars and attached office space for private, corporate use.
Located off John Cape Road, the nine-acre site will feature seven hangars totaling 100,280 square feet, with hangars ranging in size between 12,000 and 15,000 square feet, and more than 25,000 square feet of attached office space.
The San Antonio City Council in June approved Western’s lease of the land from the City for an initial term of 25 years for $96,640 during the construction period of the development. Once construction on the property is complete, the annual rent adjusts to $154,624.
The developer is financing and leasing back the facilities to independent corporate clients. Western said six of the seven hangars already have been leased.
“This is the largest private/corporate capital project in San Antonio International Airport’s history,” San Antonio Aviation Director Russ Handy stated in an announcement by Western. “Partnerships like this are not just good news for the San Antonio International Airport but for all of San Antonio as the economic impact will be substantial for the entire region.”
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The San Antonio airport logged more than 9 million passengers during 2017, and is on pace to surpass that by 1 million in 2018. In the last two years, 34 new commercial flights have either been started or announced to begin soon.