Volare Hangars at Pegasus Airpark: Phase 2 Takes Off
Both phases of Volare Hangars at Pegasus Airpark in Queen Creek are under construction. To attend the groundbreaking, the development team went airborne in a helicopter, and everyone listened to the town’s mayor and vice mayor speak.
More than 40 supporters joined the developer, their partners and contractors on May 2 as they listened to the town leaders celebrate the construction of 34 additional private hangars for planes, helicopters, collectible cars and more. Queen Creek is about 45 minutes from downtown Phoenix and Scottsdale and ten minutes south of Mesa Gateway Airport.
Phase 1 of Volare Hangars at Pegasus Airpark (5AZ3) is completely reserved after the Panfils’ company, Equity 1000, began marketing those 17 initial hangars in December 2022; construction started in April 2023 after the town issued building permits.
Phase 2 hangars were released and made available to purchase the first week of July; they are identical in square footage and contemporary design to the initial 17 hangars. Comprising standard and upgraded executive hangars, 60-by-60 square feet to 80-by-80 square feet, Volare Hangers is in Pegasus Airpark, a gated aviation- and equestrian-focused community adjacent to the private airport’s large paved runway, 5,124 feet by 80 feet. Mark Bonillas, owner of M-Studio Architects, designed the premium hangars.
“Construction has been efficient and moving rapidly,” Johnnie says. “Our dedicated team of contractors and engineers are going the extra mile to keep momentum and progress moving forward.” He adds that the main excavation and demo work have been completed, and the team started on the utility scopes the week of July 4.
Phase 1 hangars are expected to be completed about December of 2023, and the newly released Phase 2 hangars should be delivered in the first quarter of 2024.
“We’re a local family-owned equity firm that utilizes our various backgrounds in business, construction, energy management, consulting, contracts, accounting, investments and real estate development,” says John, a longtime Valley resident and former owner of Anthem Motors in north Phoenix. “We identify, strategize, and implement new opportunities as a macro developer with a focus on aviation-based real estate.”
The Panfils are partnering with Boomerang Capital Partners LLC in Mesa, and Trust Bank, which is extending 50 percent LTV financing to qualified Phase 2 buyers, as it did for the initial phase. “Many pilots have experienced the lack of lenders willing to finance hangars, and the LTV provides our buyers with a rare opportunity to use long-term financing for the purchase of these hangars,” John says.
The development originated from a combination of flying passion and market conditions for the family. “‘Volare’ means ‘to fly’ in Italian,” John says. “My mother came from Italy when she was 14 years old, so we’re keeping those beautiful memories alive using the name. She had Dean Martin’s version as her phone’s ringtone, and when someone would call, the famous song, “Volare,’ would play.”
Volare Estates at Pegasus began in late 2021 when the father and son were searching for their own hangar in Pegasus but couldn’t find any available before coming across the opportunity to develop seven acres of adjacent vacant land and provide additional high-end hangars to the rapidly growing general aviation market, Johnnie explains. Their model: “Live, Work, Play and Fly.”
He emphasizes that the industry has a significant shortage of private hangar space throughout the country; as a result, he and his dad are evaluating other airports that would be good sites for more hangars. The distance of an hour drive from the primary residence is just one of the criteria they are using to select the best possible sites.
One reason for this hangar shortage is that most centrally located airports are owned by municipalities, which have strict requirements they must meet for funding.
“Public airports receiving funding from the FAA are required to have ground leases on hangars located within the airport, and, once the initial term and any renewals are over, the airport authorities can take ownership of the hangar. So at most airports hangars are only available with limited ownership rights due to ground leases that come with strict rules and restrictions, unlike private airports,” says John.
Those private airports, such as Pegasus Airpark, provide greater ownership rights without any ground leases; they are managed and maintained by a community association as they do not receive funding from FAA. Therefore, with fewer restrictions on how the hangars can be used, you can also store cars, RVs, boats and other equipment.
“You own the hangar fee simple, forever allowing it to be passed down for generations and to appreciate in value without the diminishing returns caused by ground leases. You can also modify and make improvements to the interior of the hangar without concerns of an authority taking ownership of your hangar or kicking you out,” John explains.
Volare’s standard hangars are pre-engineered metal construction for the exterior and demising walls. They will also include features such as premium hydraulic hangar doors, three-phase power supply, plumbing to install restrooms and/or appliances, insulated ceiling/walls and additional roof structure ready for future HVAC systems. Buyers of these units can build out “man caves” or small offices and restrooms in addition to storing aircraft.
The larger executive hangars incorporate commercial grade CMU block construction for the exterior and demising walls, providing a substantial upgrade in build quality, insulation and sound attenuation. These units will have dedicated street addresses with private driveways and patios and greater flexibility in potential uses, including building out a portion of the interior into a residence.
“Volare Hangars are built with passion to deliver the best possible facility for storing present-day aircraft as well as being prepared for the future of EVs and hybrids.” Johnnie says.
For more information: see VolareEstates.com, 623.277.0000, and www.volarehangars.com
