Two New Tenants Leasing Land At CVG
By Travis Thayer
(Hebron, Ky.) – Two new tenants are set to move onto the land the Cincinnati-Northern Kentucky International Airport owns.
The Kenton County Airport Board approved agreements earlier this month with Aeroterm and VanTrust to move onto the CVG property, reports the Enquirer.
CVG currently owns more than 7,500 acres of land, and the airport plans to lease about 350 acres of that land for development by 2021.
Aeroterm has entered into a 35-year lease with the airport to use about 11 acres of the open land. They plan to spend at least $3.3 million to build a 25,000 square-foot, multi-tenant cargo building. The project is expected to be completed within a year of signing the lease.
CVG also came to terms with VanTrust Real Estate to build warehouse and distribution buildings on 41 acres of land. VanTrust is expected to invest at least $10 million in the project that is planned to be completed in August 2017. The lease agreement is for 50 years.
The moves will create a new revenue stream for CVG, which could lower the cost of operations for airlines and tenants.
The amount of jobs that will be created has not been disclosed at this time.