New Projects May Lift Prospects at Van Nuys Airport

Activity at Van Nuys Airport is down 5 percent year-to-date, compared to the same period last year, but officials are optimistic that will change. For the first four months of the year, the airport had 100,154 takeoffs and landings for all types of aircraft, compared to 104,565 for the same period last year. Airport Manager Jess Romo said another three months of data will show whether the percentage drop is leveling off and whether the airport is in a recovery mode. “In the general market, I think it is starting to stabilize,” Romo said. In April, takeoffs and landings for all aircraft increased less than 1 percent compared to the year-ago period. That might not seem like much improvement, but considering January through March showed drops in activity compared to a year ago, airport officials say they are taking positive signs where they can find them. The April figures are the most recent for airport operations. Airport officials and tenants also are hopeful that planned projects and updated lease rental rates will attract more pilots and their aircraft. Plans are underway for a proposed 30-acre hangar and office complex for piston aircraft. The new facility would include space for 265 propeller aircraft, a restaurant and observation patio. It will replace two existing areas where pilots keep their piston planes. Lease negotiations for the Park at Van Nuys are ongoing, and are expected to wrap up this summer, Romo said. “Anytime you have something new it will be a good piece of marketing for the airport,” Romo said. He added that officials are planning to attend the National Business Aviation Association’s convention for the first time in October to increase the airport’s visibility. Airport improvements Other airfield improvements include taxi lane repairs, which are scheduled to be completed early next year. The airport’s main runway also is scheduled for rebuilding. In the interim, the airport is applying a new coat of asphalt to the runway this month. Airport officials and tenants say new land lease rental rates approved by the Los Angeles Board of Airport Commissioners last month also may help the airport attract prospective tenants. Under the new agreement, all the airport businesses will pay the same rate to lease land. As a result, some businesses saw their rent go up, some had rent that stayed the same, and others had their rent lowered. The new rental rates were supposed to go into effect last year, which created some uncertainty for area tenants. Now that uncertainty has been cleared up, officials say. Attracting new users of the airport takes investment, said Curt Castagna, president of the Van Nuys Airport Association. Having the land lease rents in place is important to secure bank loans to fund new or expanded buildings, he said. Castagna is CEO of the Aerolease Group, which provides hangar space. “You cannot go to a lender and talk about rebuilding, but say you do not know what your lease payments are,” Castagna said.