Tim Turner
Wilmington, NC (USA)
Role(s):
Founder/Owner/Principal
Janti Construction, Inc.
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Startup
Location:
Wilmington
Industry:
Construction
Year Founded:
2000
Number Employees:
1-10 people
Description:
My name is Tim Turner and I am a builder/developer in Wilmington, NC. I purchased a Cessna 172 in late 2007 and had to go 1 hour and ten minutes from Wilmington to find a hanger to keep it in. We have a public airport at Oak Island, NC that has a waiting list for rental hangers of 56 and would have more however people hear that 56 pilots are in front of them and do not bother to sign up. Wilmington International has a much longer list. As I found this out I realized I needed to find a piece of property suitable for a general aviation airport. After 6 months of searching I found a 54 acre tract measuring 550' x 4000'. I put the property under contract and proceeded to get the necessary approvals. I have the FAA approval, The Town of Sandy Creeks approval with no public backlash (I had them annex the property to avoid dealing with county regulators), a wetland delineation which came back very favorable and financing lined up through a local bank that was very interested in the concept until we had the October surprise.
The airport will have 36 "T" hangers and 36 - 36' deep x 44' wide hangers for larger aircraft, light twins, (URL removed) site will also accommodate 12 single family lots of .8 acres each which will allow for those lucky pilots whose wives are interested in aviation and will enjoy living in the airpark.I have letters of intent for 24 hangers and three lots when I stopped taking them. I want to be able to increase the price on the remaining lots and hangers as the demand rises. The runway will be 50' x 3200' lighted and paved. We will also sell avgas and have a repair facility onsite offering discounts to hanger and lot owners.
This concept is different than the traditional fly-in community which seem to be slow sellers possibly due to the spouse not being as interested in aviation as the pilot about living with a hanger in the back yard. The pricing on the hangers will keep the payments competitive with the rental prices at Wilmington International and Oak Island airport. Owners will also have the tax write off and an asset to sell when needed. The property is located 13 miles from Wilmington on a four lane highway (74/76) and takes less than fifteen minutes travel time.
The full sales return will be 5.8-6 million with a full development price of 2.8 million. The peak outlay will be 1.5 million for land acquisition, engineering, permits, fees, site prep, utilities, runway and 24 hangers. As we close on lots and hangers the debt can be paid down and some of the proceeds can go to construction of the remaining hangers. I feel confident that this project will work in our current economy as aircraft owners want to protect their investment and they generally have the funds available to do so.
I feel this type of project can be done repeatedly around the country as the FAA and the airlines are starting to force general aviation out of the major airports through delays in flight clearances and coming user fees. I would like the opportunity to meet and present my proposal further. I am not opposed to taking an investor as a partner.
Thank you for your consideration, Tim Turner
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Website (URL removed)