Plans include new hangar and office building
by Jacob Dirr / DBJ Staff Reporter
Spectra Jet, Inc. has its eyes set on bringing more aircraft to town.
The company, which built an 18,000 square-foot hangar at the Springfield / Beckley Municipal Airport last year, now intends to build a larger $1.3 million hangar and an adjacent office building. Spectra Jet, which repairs and inspects Learjets for individuals and corporations, also wil start providing additional aviation servcies at the Springfield airport after winning a contract from the city of Springfield.
On April 24, the Springfield-based company was named as the operator to provide fuel to all aircraft and anything else that an aviation consumer might need at the airport, which handles non-commercial flights.
The agreement is part of Spectra Jet's strategic vision to increase employees to 50 by 2011, up from eight today, by completing a flurry of construction in the next couple of years and gaining prestigious clients, said co-owner Mike Catherwood.
One-third of Spectra Jet's $2 million in revenue comes from servicing jets at other airports - where they send crews to make house calls. The company does not service a single airplane the is hangared at Springfield, Catherwood said. But the new 18,000 square-foot hangar already is paying off and increasing the amount of traffic in the airport, he said, bumping company revenue to a projected $2.4 million this year. The hangars are used to fix and service aircraft, but leasing out hangar space to park and aircraft is big business, costing $650 per night at some airports.
Catherwood said his company will not make a lot of money off the recent airport services deal, because it will have to offer high-priced fuel at a discount to attract jets en route to further destinations. He said his closest competitor is in Indianapolis. The city of Springfield will pay the company about $66,000 per year, said assistant city manager Jim Bodenmiller.
However, Catherwood said the venture isn't for the money, but to increase the airport's value to his company's clientele - who are used to top notch service.
"All of our customers are multi-millionaires, and if you don't put in the creature comforts, they are a little offended," he said.
As it is now, the Springfield airport is a commercial "sleepy hollow," Catherwood said. For example, Springfield may get four jets arriving per week, where as an airport like Cincinnati Municipal Lunken Airport gets four a day.
Catherwood said he will give the airport services venture about two years to start becoming profitable and increasing traffic. However, he expects to have built the additional 22,500 square-foot hangar, Springfield's largest, and the one story 6000 square-foot office and lounge complex for Spectra Jet administrators and clients by then.
"If the need is there, we will put a second floor on the office building," Catherwood said.
He said he hopes to break ground on both buildings by the middle of next summer. Sidney-based Ferguson Construction Co. built the 18,000 square-foot hangar and Catherwood said he was pleased with their work, but will still solicit bids on the new hangar because the city is helping fund it.
Catherwood said he hopes to use the planned office complex as an incentive to lure some companies or private owners to house their planes in Springfield at the new and planned hangars.
Having multi-million dollar corporate jets parked at Springfield has benefits for groups other than Spectra Jet.
Springfield Economic Development Director Tom Franzen said that as more companies and private owners start utilizing the Springfield Airport, the hope is that they start becoming familiar with Springfield as a potential place of business.
To that end, the city has provided $300,000 to help construct an airplane ramp and hangar, he said.
"I think what Spectra has allowed us to do is establish a professional presence to attract high-end clientele," Franzen said. "We do see it building on itself as we make improvements to the airport."
