Airport Properties
Just curious to see if any investors or developers on this site have ever handled airport properties? If so, what kind and what were some of the pros and cons.
Just curious to see if any investors or developers on this site have ever handled airport properties? If so, what kind and what were some of the pros and cons.
Do you mean take a property formerly used as an airfield and develop it into something else? Environmental contamination can be a big issue and costly cleanup. Make sure you get a phase one environmental done during the upfront due diligence period.
Nancy, you could'nt be more right. If there was any possibility that this or any airport was previously home to the US Military...STAY CLEAR! There are so many environmental hazards associated with this type of property that it would be best to not even consider.
Do a google on Tuscon Airport and you will see owners and insurance companies on the line for hazard's and big bucks going back to the 1940's! Even though these companies/owners were not even on the field at those times.
Messy,messy,messy stuff!
And if its a neighboring property airports typically (at least in my area, im looking at a commercial/industrial lot very close to an airport) have height restrictions which limit the clear height of bldgs for storage.
How much does it cost to have the previous underground storage of oil and fuel cleaned up. Pull up the tanks, etc?
Is there a specific procedure or you can hire a labor and do it yourself , then dump it on the city dump? [ Edited by DealerJo on Date 03/19/2004 ]
remediating the underground tanks are only half the cure. The soil would most likely be contaminated as well. In the good old days....when the military ( and I assume some private airports as well) drained the spent oil from the aircraft, they used to spread it around the buildings to kill the weeds!! Do this today, and well, you get a free ride to jail!
Also deicing is an issue as well for larger type of airports. Only recently did enactments go into effect that require recapture tanks. These were non required in recent years???
Also erecting any large structures must meet with FAA approval. The reason for this is so that any structure will not inhibit any navigational unit on the ground used by landing aircraft. Try dealing the FAA!
[ Edited by flyboy on Date 03/19/2004 ]
flyboy,
A-propos the contamination issue, years ago a builder in my area bought a former airfield (knowing it had been one). At the time, used his own money and bought non-contingent, so didn't have to dance to a lender's tune. Unfortunately, he didn't have an environmental done till he needed to use the property as collateral and the bank said "where's the phase one?" The cleanup apparently cost several $000,000.
Nancy,
Why so expensive? Do you know?
Quote:
On 2004-03-23 15:50, DealerJo wrote:
Nancy,
Why so expensive? Do you know?
I don't know why it was so expensive.