Sky Harbour announces two new developments in New York metro area

Aviation infrastructure company Sky Harbour announced two new developments at Bradley International Airport (BDL) and Hudson Valley Regional Airport (POU) to address the hangar deficit impacting New York metro area.

“Bradley International Airport and Hudson Valley Regional are among the best-managed airports in the United States, and serve the country’s top business aviation market. Sky Harbour is honoured to be joining the BDL and POU community and is committed to maximizing the long-term benefits of a Sky Harbour campus to Connecticut, Dutchess County, and the New York metro area,” said Tal Keinan, CEO, Sky Harbour.

The company said it has entered into two ground leases with the Connecticut Airport Authority, Duchess County (NY) to develop eight acres at the Bradley International Airport (BDL) and seven acres Hudson Valley Regional Airport (POU).

“These campuses will offer the … home base … to house New York and Connecticut area’s corporate and privately-owned business jets in private hangars, with line-services dedicated exclusively to based tenants,” according to a statement issued by the company.  

The two new developments in New York join the company’s campuses now operating at Houston’s Sugar Land Regional Airport (SGR), Nashville International Airport (BNA), and Miami Opa-Locka Executive Airport (OPF); campuses under construction at Denver Centennial Airport (APA), Phoenix Deer Valley Airport (DVT), Dallas Addison Airport (ADS), and Chicago Executive Airport (PWK).

Update on ongoing projects

Sharing the progress update on the ongoing projects, the company said it is planning to update its SH16C prototype – the hangar design used to construct Sky Harbour’s campuses.

The company said it will be fortifying certain structural elements of the prototype in order to enhance stability, safety, and standardization.

“As Sky Harbour’s Denver (APA) and Phoenix (DVT) campuses have already gone vertical, both will be retrofitted with additional Pre-Engineered Metal Building (PEMB) components in order to achieve the same structural effect. The cost of this retrofit is projected to be approximately $3.2m at DVT and $2m at APA. The additional work is expected to extend the completion date at DVT from March 2024 to June 2024, and at APA from June 2024 to August 2024. As vertical construction at Sky Harbour’s Dallas (ADS) campus has not yet begun, the company anticipates significantly lower budget impact at that campus, albeit a similar schedule delay,” said the company.

It further added that all subsequent campuses, including Chicago (PWK), Hudson Valley (POU), Bradley (BDL), Miami (OPF) phase 2, Phoenix (DVT) phase 2, and Denver (APA) phase 2, will be planned and constructed in accordance with the enhanced SH16C and (future) SH34 designs.

The company currently operates three campuses at Houston (SGR), Nashville (BNA) and Miami (OPF).

In its recent earnings call, the company said that it is fully funded for 12 development projects and intends to execute 50 projects in the coming years.

The company recently announced successful fund raise of almost $60m in a deal with Altai Capital and others. Sky Harbour is eyeing another $200m in debt for development of 2.4m square feet of hangars.