The Equity 1000 team have landed on a great opportunity for those looking for premier private hangar space in the Phoenix area to store their planes, helicopters, collectible cars and more.
Their Volare Hangars development is at Pegasus Airpark (5AZ3) in Queen Creek, the award-winning community about an hour from downtown Phoenix and Scottsdale and ten minutes south of the Mesa Gateway Airport. Comprising 24 standard hangars and 10 upgraded executive hangars, 60-by-60 square feet to 80-by-80 square feet, Pegasus is a rare gated aviation- and equestrian-focused community, adjacent to the private airport’s large paved runway, 5,124 feet by 80 feet.
The zoning and site plan has been fully approved by the town, with conceptual drawings and unit reservations available. Equity 1000 LLC, a local family-operated company owned by the Panfils, has about 50% of the phase I units reserved. “We will be releasing purchase contracts within the next 30 days or so and have only started marketing since the beginning of December 2022,” says John Panfil, a longtime Valley resident and former owner of Anthem Motors in north Phoenix. Delivery of the first units is expected to be during the third or fourth quarter of this year, he adds.
This Volare development originated from a combination of passion and market conditions by the family, including Johnnie, his son, he explains. They were searching for a hangar in Pegasus before coming across the opportunity to develop this vacant land and provide high-end hangars to the rapidly growing general aviation market, which is experiencing a significant shortage of places to store aircraft according to industry data and FAA’s congressional hearings, says Johnnie.
One reason for this shortage is that most airports are owned by municipalities, which have strict requirements they must meet for FAA 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,” explains John.
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 without any issues.
“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 will utilize 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.
Johnnie says, “Volare Hangars are built with passion and pride to deliver the best possible facility and amenities for storing present-day aircraft as well as being prepared for the future EVs and hybrids.”
For more information: see VolareEstates.com, 623.277.0000 and www. volareestates.com/pegasus-airpark-overview.
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