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Miami-Dade County, FL – After years of stalled development and declining aircraft operations, Opa-locka Executive Airport (OPF) celebrated in March the completion of the first two facilities on a 180-acre plot of land under development by investment firm AVE, LLC.
AVE’s completed projects are a 478,000-square-foot mail sorting facility for the U.S. Postal Service and a 151,000-square-foot aircraft warehouse with space available for lease.
Miami-Dade County Commissioner Barbara J. Jordan, who in 2005 helped create the Opa-locka Executive Airport Task Force that spearheaded the termination of previously non-performing lease agreements at the airport, said the new AVE facilities are just the beginning of a new era for Opa-locka Executive.
“Miami-Dade County has entered into five lease agreements at Opa-locka Executive since 2005 that will generate $355 million of investment in the next 15 years,” said Commissioner Jordan. “These projects will turn under-utilized airport property into a bustling, mixed-use area that includes new industrial, retail, warehouse and aeronautical facilities, bringing with them additional revenue and jobs to our community.”
In February 2007, the County entered into a 55-year development lease agreement with AVE for development of a 180-acre tract that required AVE to invest $187 million of development over the next 10 years. One-third of the development will consist of aeronautical-related facilities and the remaining will include industrial and retail space.
In March 2007, the County agreed to a 55-year lease with AA Acquisitions LLC for the development of 181 acres of land and an investment of $162.9 million over the next 15 years.
A 25-year lease with Biscayne Capital LLC for one acre of land and a minimum investment of $220,000 for a private hangar was also signed in August 2007.
Miami Executive Aviation, a tenant at Opa-locka Executive since 1996, entered into a 35-year lease in 2005 for its existing 16-acre site and an additional aircraft storage and maintenance hangar on four acres of land with an investment of $4.2 million. Construction was completed in 2008.
J.P. Aviation Investments (JPAI) is actively constructing aviation facilities on 40 acres of land at OPF, including a five-bay, 31,500-square-foot corporate hangar under a sub-lease agreement with Turnberry Aviation. Two of the five-bay corporate hangars were completed in 2007 and construction of the remaining hangars is ongoing. JPAI is also constructing a new 656,269-square-foot, Shell fixed-base operator (FBO) facility for private jet operations.
Most recently, the Carrie Meek Foundation agreed in July 2008 to develop 121 acres of land for a minimum investment of $110 million within nine years.
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