Under a new lease agreement with Chicago Executive Airport, Signature Aviation, the world’s largest network of fixed-based operators, will expand its current operations at the airport and commence planning to construct additional hangar and office space.
The agreement was finalized at CEA’s monthly board meeting.
“Signature has been an important partner at CEA for over two decades,” said CEA Chairman D. Court Harris. “We are excited to work with Signature as we jointly grow and invest in our airport and l want to thank them for their commitment to CEA.”
The new 2.37-acre lease is located off Tower Road and is partially comprised of the 94th Aero Squadron property acquired by CEA in late 2021.
The move follows the airport’s Master Plan, which calls for aircraft hangar storage on the site. Signature is examining the construction of an additional 39,000 sq. ft. of hangar space and 6,500 sq. ft. of office space, enabling greater accessibility for customers based in the Chicago area and empowering growth of CEA’s regional economic impact which already totals over $429 million annually.
“The great partnership Signature and CEA have formed over the years allowed us to pursue growth opportunities like this project,” said Jim Hopkins, senior vice president of airport relations for Signature. “For our private aviation customers, this agreement represents our shared ambition to enhance PWK’s profile as a business aviation gateway for Chicago.”
“This lease agreement is an exciting next step as we continue to bring new opportunities for economic development to the airport, and keep supporting the communities we serve,” said Jeff Miller, executive director at CEA.
