At a recent Council Meeting for Addison, a ground lease was approved with AJC Holdings Group, LLC for a $20 million Fixed Base Operation for about 16 acres of airport land land fronting Addison Road across from Addison Circle. With this project having more than one phase it will take some time to fully complete this update to the local airport. 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, located on 11 acres on the southernmost end of the site, is $12 million. Phase II will take an additional five acres to be improved with two additional 25,000 square-foot executive hangars with office space with an estimated 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% 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 see $50,000 annually in ad valorem property taxes based upon the construction value of the building improvements.