en.Wedoany.com Reported - This week, the Chandler City Council unanimously approved a ground lease agreement to build 29 new business aircraft hangars at Chandler Municipal Airport in Arizona. The project is being advanced by CHD Curtis East LLC, a subsidiary of Vesper Aviation, and the hangars will be sold or leased upon completion.

The project site is located along the airport's northern boundary, covering 4.798 acres of undeveloped airport land. The lease agreement has a term of 30 years, with an option to renew for an additional 10 years. Under the agreement, Vesper must complete at least 16 hangars within 24 months of the lease taking effect, and the entire development is expected to open in 2028.

The 29 hangars will be distributed across 4 buildings, totaling 113,124 square feet. The plans include standard 2,750-square-foot hangars for piston aircraft and very light jets, as well as larger hangars exceeding 7,600 square feet designed to accommodate turboprop aircraft and business jets. When hangar ownership changes or long-term prepaid lease agreements are completed, the city will receive a 1% share of the sale price.

Hangar demand at Chandler Municipal Airport is tight. The airport's aircraft storage page shows 100% occupancy for city-owned hangars and covered tie-down facilities; the earliest registration on the city's waiting list dates back to 2013. There are also more than 125 privately owned hangars within the airport, which periodically release available spaces.

Airport Manager Ryan Reeves said in the city's announcement: "For decades, aircraft storage demand in the East Valley has outpaced supply. The partnership with Vesper Aviation will provide pilots and aviation businesses with the world-class facilities they need, right here in Chandler."

Vesper has begun accepting pre-leasing and pre-purchase inquiries for the new hangars.