Negoitating a Lease And Permits
You will have to negotiate with airport management to lease the land to build on. Know the cost per square foot to lease the land and the lease length. Leasing for less than 25 years may make it harder to mortgage a hangar. Know the allowable dimensions of a hangar and ask about access to taxiways. Study the airport rules to determine if you can live with them long-term. Once you have a lease meet with the local Building Code Enforcement officer to make sure your hangar complies with local codes and acquire a building permit. You will also need a permit from the FAA.
Services You’ll Need
Retain the services of an aviation development attorney to negotiate the lease. To determine if building hangar is a practicle you will want to commission a feasibility study. To comply with environmental laws have a Phase 1 Environmental Study and site survey performed. The services of a civil, geotechnical, and structural engineer will have to be retained. The engineers’ recommendations will help your architect design the hangar. You’ll want the services of an aviation real estate developer to handle hangar construction.
Hangar Design And Costs
The first consideration in building a hangar is the size of the aircraft(s) it will house. Will the hangar be strictly for airplane storage or will it also serve as an office, storage area, or repair shop. The cost of leasing the land the hangar sits on will likely cost between $.10 and $.75 per square foot. The price of the hangar itself per square foot and can run from $50 to $350. If you mortgage your hangar you will have interest charges. Other recurring costs include insurance, property tax, and upkeep. You may need a paving company to install a taxiway, ramp, and parking place. You will need to have a cement slab poured to set the hangar on. The cost of having electrical, phone, and sewer lines run to the hangar may be born by you. In figuring costs don’t forget the list of professional services mentioned previously.
Before building your hangar you will need municipal and FAA building permits. Proper due diligence before committing to building a hangar must include a feasibility study, Phase 1 Environmental Study, and site survey. Recurring cost of ownership includes a lease with the airport, insurance, possibly mortgage payments, and utilities.