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Spirit of St. Louis Airport (SUS)
Chesterfield, MO
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Spirit of St. Louis FAQ

Q.1      When will construction of the hangars be completed?
Q.2      Are The Hangars at Spirit comparable to new hangars at Creve Coeur Airport?
Q.3      How is this facility different from renting a traditional hangar?
Q.4      Is a hangar at Spirit Airport a good investment?
Q.5      Is financing available?
Q.6      How do I receive periodic updates on construction progress, hangar availability, pricing, etc.?
Q.7      Are there rules and regulations governing the use of the hangar?
Q.8      How does the Condo Association work?
Q.9      What are typical permitted uses of the hangars?
Q.10      How are the hangar utilities configured and metered?
Q.11      Are there any limitations on where I can buy fuel?
Q.12      After I acquire my hangar, what additional costs can I expect?
Q.13      How will the insurance be handled?
Q.14      How is title to my hangar held and do I own the land?
Q.15      What is the term of the ground lease?
Q.16      How about after-hours access?
Q.17      Where will I park my car?
Q.18      What about overall security for the airfield?
Q.19      Can two partners acquire a hangar?
Q.20      What choices are there for hangar dimensions, hangar door openings and attached office bungalows?
Q.21      What specifications and amenities are included with each hangar?
Q.22      How many phases are there in the planned hangar development?
Q.23      Which phase will be developed first?
Q.24      How can the office bungalow be utilized?

A.1

    

When will construction of the hangars be completed?

 

 

Phase I completion in Spring 2012. Construction of subsequent phases will begin when enough hangars have been sold in any one phase to satisfy construction lender requirements which is anticipated to be 70% to 80% of the units. Completion will occur approximately 7 months following commencement.

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A.2

    

Are The Hangars at Spirit comparable to new hangars at Creve Coeur Airport?

 

 

NO. The Hangars at Spirit have many standard features not typically found at Creve Coeur. Click here for a comparison.

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A.3

    

How is this facility different from renting a traditional hangar?

 

 

There are many advantages to purchasing rather than leasing a hangar at Spirit Airport. Here are just a few:
  • Instead of renting, you OWN your hangar subject to a long-term ground lease agreement with St. Louis County.
  • All of the appreciation in the hangar value over time will benefit you directly when you choose to sublet or resell your leasehold interest.
  • At any time you can sell, rent or lease your hangar to another party.
  • You can configure your hangar space to match your needs, now or in the future.

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A.4

    

Is a hangar at Spirit Airport a good investment?

 

 

Yes!

Demand for office/hangar facilities at St. Louis area airports exceeds supply—some wait lists are long and most units that become available are for lease, not for sale.

Advantages of ownership versus leasing include:
  • Tax benefits/depreciation
  • Capital appreciation
  • Fully transferable asset—sale or lease to third parties permitted
Substantial barriers to new development at existing airports include:
  • Land availability
  • FAA regulations/approvals
  • Community opposition to new development

Continuing demand, advantages of ownership and constraints on new supply all combine to make an investment in the Hangars at Spirit Airport an excellent choice!

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A.5

    

Is financing available?

 

 

As with previous projects, we expect to make arrangements with our construction lender to provide long-term financing for hangar purchasers. Also, the Small Business Administration offers attractive financing to qualified businesses, click here.

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A.6

    

How do I receive periodic updates on construction progress, hangar availability, pricing, etc.?

 

 

Complete a Status Registration Form by clicking here. By registering, you will receive periodic email status reports about the project.

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A.7

    

Are there rules and regulations governing the use of the hangar?

 

 

In additions to airport rules and regulations, the Condominium Association may impose rules and regulations governing uses and activities in common areas, alterations of building exteriors, etc.

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A.8

    

How does the Condo Association work?

 

 

The Condominium Association will be incorporated in the State of Missouri and governed by a Board of Directors elected by the hangar owners who will be members of the Condominium Association. The Association will be formed for the purpose of exercising the powers and performing the duties of the Association set forth in the Bylaws, the Articles of Incorporation of the Association and the Declaration of Covenants, Conditions and Restrictions; preserving, protecting and enhancing the values and amenities of the Project; and promoting the health, safety and welfare of the Members of the Association. The Condominium Association will be responsible for the management and maintenance of the hangar facilities.

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A.9

    

What are typical permitted uses of the hangars?

 

 

Aircraft storage and minor maintenance/assembly (no open flame).

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A.10

    

How are the hangar utilities configured and metered?

 

 

Separately metered 200 amp, 120/208 volt 3-phase electrical service.

Water and sewer connections are available in each hangar (and office) for a restroom.

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A.11

    

Are there any limitations on where I can buy fuel?

 

 

You can purchase fuel from any supplier you choose.

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A.12

    

After I acquire my hangar, what additional costs can I expect?

 

 

The price of your hangar/office will provide you with exclusive use of your hangar/office space for the life of the ground lease.

In addition to the purchase price of a unit, purchasers can expect to pay their prorata share (based on the square footage of each hangar as a percentage of the total project square footage):
  • Ground Rent
  • Property and Liability Insurance
Based on a preliminary budget for the association, owners can expect to pay $0.12 per unit square foot on a monthly basis. For example, monthly assessments would range from $418 for a 60 foot by 60 foot hangar to $557 for an 80 foot by 60 foot hangar. Additionally, the owners may elect to establish operating reserves for maintenance and replacements. For information on real property taxes, click on http://revenue.stlouisco.com/IAS/

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A.13

    

How will the insurance be handled?

 

 

The overall building and general liability insurance policy premium will be included in the common charges passed on to each owner based on their prorata square footage. See A.14

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A.14

    

How is title to my hangar held and do I own the land?

 

 

Title to the improvements subject to a long-term ground lease will be conveyed by deed insured by a title company. ADG is negotiating a long-term ground lease with St. Louis County. Each hangar owner will enter into a long-term sublease with ADG for a specific portion of the building (hangar/office) for the duration of the ground lease. Provisions will be made in the ground and subleases to allow the transfer of the operation of the facilities to a Condominium Association (comprised of owners), once all of the units have been sold.

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A.15

    

What is the term of the ground lease?

 

 

The County will provide the developer/condominium association a 40 year lease with a twenty-year initial term, plus two ten-year options. The lease rate is $0.30 per square foot annually. (see A.14)

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A.16

    

How about after-hours access?

 

 

Each owner will have 24-hour access to his or her hangar/office suite.

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A.17

    

Where will I park my car?

 

 

Options include parking inside your hangar, your attached garage (if applicable), or in the parking spaces adjacent to the offices.

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A.18

    

What about overall security for the airfield?

 

 

Access to the hangar community is via a gated, private entrance. One of the benefits of a hangar at Spirit Airport versus other GA airports is the added security to protect you, your aircraft and your property. Security is a major concern at SUS and they treat it seriously. There is a simple process that you will go through to gain access to the airfield.

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A.19

    

Can two partners acquire a hangar?

 

 

Certainly. The long-term sublease will be with a single entity, but any arrangement that you and your partner/partners wish to put together is fine. A good strategy may be to have two partners, each with an interest in an LLC that is the lessee, each with their own aircraft, purchase a single hangar that will accommodate both aircraft. This approach provides all the benefits of owning your own hangar at approximately 50% of the investment.

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A.20

    

What choices are there for hangar dimensions, hangar door openings and attached office bungalows?

 

 

There is an 80'x60' and a 60'x60' in Phase I. For future phases, hangars range in size from 1,840 square feet (46'x40') to 4,800 square feet (83'x60') and hangar doors have a clear height of 16 feet for small units and 19 feet for large units (60' by 60'). Some of the hangars have attached bungalows which may be used for office, flight planning or personal use (non-residential). Some of the bungalows will have attached 2-car garages. Click here for a detailed description of hangars and office bungalows.

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A.21

    

What specifications and amenities are included with each hangar?

 

 

For standard hangar amenities, click here.

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A.22

    

How many phases are there in the planned hangar development?

 

 

There are three phases-Red (5 hangars), White (6 hangars) and Blue (13 hangars).

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A.23

    

Which phase will be developed first?

 

 

The Red Phase. Future phases will be constructed based on demand (pre-sales). As a requirement of our lender and investors, construction will only commence on a phase(s) when at least 80% of hangars within that phase(s) have been pre-sold. We will construct as many phases at one time as there is demand (pre-sales) for those hangars.

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A.24

    

How can the office bungalow be utilized?

 

 

Office bungalows are ideally suited for corporate flight departments and aviation businesses, such as aircraft charter, aircraft brokerage, avionics and light maintenance.

Tenant improvements could include:
  • Bathroom/shower
  • Conference room
  • Kitchen
  • Flight planning room
  • Media room
  • Office(s)
  • Pilot lounge
  • Reception area
  • Rest area
  • Crew quarters

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ALL BUILDING DIMENSIONS SHOWN ARE NOMINAL. ACTUAL DIMENSIONS MAY VARY DUE TO CONSTRUCTION CONDITIONS.
Site Plans, elevations, amenities, specifications, prices and building dimensions are subject to change without notice.

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