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Council Approves Major Redevelopment for Addison Airport

April 14, 2017 by ccho

At the April 11 Council Meeting, the City Council approved a ground lease with AJC Holdings Group, LLC for a $20 million Fixed Base Operation (FBO) complex on approximately 16 acres of airport land fronting Addison Road across from Addison Circle.  AJC Holdings Group, LLC is a Colorado limited liability company formed by and between McClurg Century Investments, a Colorado trust, and Denver-based Business Aviation Group, LLC.  Phase I will include a 20,000 square foot terminal, a 30,300 square-foot hangar with attached office space for transient traffic, and another 30,300 square-foot executive hangar for based aircraft. The estimated construction value of the Phase I improvements, which will be located on 11 acres on the southernmost end of the site, is $12 million.

Phase II will occupy an additional five acres to be improved with two additional 25,000 square-foot executive hangars with office space with an estimated construction value of $8 million.

With the proposed AJC redevelopment, annual operating revenues for the same land area are projected to increase by as much as 50% (or $600,000 annually) over the first ten years of the ground lease term. Fuel flowage fees from public fueling operations will add an estimated $240,000 annually to airport revenue and the Town is projected to realize $50,000 annually in ad valorem property taxes based upon the construction value of the building improvements.

You can watch the Council discussion here.

Filed Under: Airport

About Addison, Texas

Addison is the perfect place for your business to thrive, the perfect place to call home, and always the perfect answer for fun. With 190+ restaurants, 23 hotels, tons of attractions, limitless events and activities, countless unique retail shops and 12 million+ sq. ft. of office space all in just 4.4 square miles...it's easy to see why Addison is where it all comes together.

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