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71,000 square foot project will increase business investment in Chicagoland’s top reliever airport
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FOR IMMEDIATE RELEASE
February 25, 2020 |
PROSPECT HEIGHTS AND WHEELING, IL – Today, Chicago Executive Airport (CEA) announced the release of a Request for Proposal (RFP) for the lease and occupation of two airport hangars on the facility’s western grounds. Following Atlantic Aviation’s recent commitment to build an entirely new hangar in the northwest airport quadrant, this RFP marks further investment in Chicagoland’s premiere business and general aviation destination.
The hangars collectively known as “hangar 5/6” are co-joined but structurally independent facilities first built in the 1960s. Together, they cover 71,000 square feet and include multiple aircraft bays, office facilities, meeting rooms, and maintenance areas. Continuously occupied since their original construction, the hangars will be available for use by a new lessee as early as this spring.
“We are seeing continued local interest in our facilities and look forward to working with a strong business partner to lease and occupy these stalwart hangars,” said George Sakas, the airport’s director of economic development and strategic planning. “First with Atlantic’s new hangar, and now with the release of this RFP, we continue to drive investment in our airport that will generate tremendous economic returns for the entire Northwest Chicagoland region.”
The continued investment in the airport’s facilities comes as CEA’s local economic impact reaches unprecedented heights. According to a recent study, Chicago Executive Airport generates nearly $400 million in overall economic output. Of this, over $130 million is attributable to direct wages and payroll while providing over 1,800 jobs to northwest Chicagoland. The airport is financially self-sufficient and generates millions of dollars in local and municipal tax revenues.
Rather than a sealed bid process with detailed requirements, the airport seeks proposals allowing flexibility that benefits both the respondent and the airport to the maximum extent possible. Per FAA regulations, state statutes, and local zoning, the hangars are limited to aviation-related uses, where the primary activity is the storage and operation of aircraft.
The airport is open to lease proposals of any duration, preferring five years from 2020 through 2024. Proposals are due by March 16th, and the winning proposal will be presented for approval of the CEA board on April 15th. To learn more, interested parties can access open RFPs on the airport website.
ABOUT CHICAGO EXECUTIVE AIRPORT
Chicago Executive Airport (designation PWK) is the premier general aviation destination in the Chicago area and the top reliever for Chicago O’Hare International (ORD), accepting 80,000 corporate, charter, and recreational aircraft annually. As a regional economic engine, the airport generates nearly $400 million in annual output and millions of dollars in local and municipal tax revenue. Chicago Executive is jointly owned by the Village of Wheeling and the City of Prospect Heights. Visit us at chiexec.com to learn more.