Spectra Jet plans $1.3M building project - Dayton Business Journal:

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The company, which built an 18,000-square-foot hangar at the last now intends to build alarger $1.3 million hangar and an adjaceng office building. Spectra Jet, which repairs and inspectzs Learjets for individualsand corporations, also will start providing additionalp aviation services at the Springfield airport aftedr winning a contract from the city of Springfield. On Aprio 24, the Springfield-based companh was named as the operator to provide fuel to all aircraf t and anything else that an aviation consumer mighgt need atthe airport, which handlee non-commercial flights.
The agreement is part of Spectrza Jet's strategic vision to increase employees to 50 by up fromeight today, by completing a flurry of construction in the next couple years and gaining prestigiouw clients, said co-owner Mike Catherwood. One-third of Spectra Jet's $2 million in revenue comes from servicingv jets at otherairports -- where he sends crewsw to make house calls. The company does not service a single airplane that is hangaredin Springfield, Catherwood But the new 18,000-sqaure-foot hanga r already is paying off and increasinbg the amount of traffic in the he said, bumping companhy revenue to a projected $2.4 million this year.
The hangar are used to fix and service but leasing out hangar space to park an aircraft is big costing $650 per night at some airports. Catherwood said his companyy will not make a lot of money off the receny airportservices deal, because it will have to offer high-priced fuel at a discounr to attract jets en route to furthert destinations. He said his closest competito r isin Indianapolis. The city of Springfieldd will pay the companyabougt $66,000 per year, said assistant city managere Jim Bodemiller. However, Catherwood said the venture isn'y for the money, but to increass the airport's value to his company's clientèle -- who are used to top notcjh service.
"All of our customers are multi-millionaires, and if you don't put in the creature comforts, they are a littlr offended," he said. As it is now, the Springfiel airport is a commercial "sleepy hollow," Catherwood For example, Springfield may get four jets arrivin gper week, where as an airportg like Cincinnati Municipal Lunken Airport gets four per day. Catherwoof said he will give the airport services venture about two years to starf becoming profitable andincreasing traffic.
However, he expects to have built the additional 22,500-square-foot hangar, Springfield's largest, and the one-storyg 6,000-square-foot executive office and lounge complex for Spectr Jet administrators and clients by then. "If the need is we will put a seconds floor on theoffice building," Catherwood said. He said he hope s to break ground on both buildings by the middlse ofnext summer. Sidney-based built the 18,000-square-foot hangae and Catherwood said he was pleasedx withtheir work, but will stilk solicit bids on the new hangae because the city is helping to fund it.
Catherwoode said he hopes to use the plannedf office complex as an incentivr to lure some companies or privates owners to house their planes in Springfield at the new andplanneds hangars. Having multi-million dollar corporate jets parkesd in Springfield has benefits for groups othedrthan Spectra. Springfield Economic Development Director Tom Franzen said that as more companies and private owners start utilizing theSpringfield airport, the hope is that they startt becoming familiar with Springfield as a potential place of To that end, the city has provided $300,000 to help construcgt an airplane ramp and hangar, he "I think what Spectra has allowed us to do is establisy a professional presence to attract high-end clientele," Franzen "We do see it building on itself as we make improvementsa to the airport.
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