Aviation Firm Begins Construction on Georgia Manufacturing Facility – What is a Ground Lease?

, Aviation Firm Begins Construction on Georgia Manufacturing Facility – What is a Ground Lease?, Robert Khodadadian

An Archer eVTOL aircraft. Image courtesy of Archer Aviation

Archer Aviation is constructing a high-volume manufacturing facility in Covington, Ga.

Phase 1 of the project began on March 2 of this year. The 350,000-square-foot facility, which will sit adjacent to the Covington Municipal Airport, will be able to produce up to 650 aircraft annually.

The project will be able to expand by an additional 800,000 square feet, which would support long-term production targets of up to 2,300 aircrafts annually. Exclusive contract manufacturer Stellantis, an automaker, will mass produce Archer’s Midnight eVTOL aircraft at the facility beginning in 2024.

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Archer will be the beneficiary of an incentive package provided by the state of Georgia and Newton County, Ga., which includes land conveyance and tax incentives, as well as a Regional Economic Business Assistance, or “REBA”, grant. Combined, the incentives total approximately a third of planned capital investment in the project. The REBA program is designed to convince sponsors to locate their projects in the state.

Synovus Bank is financing the project. Archer, which plans to invest $118 million over the next 10 years, entered into an letter of interest with the Georgia-based financial institution last year.

The post Aviation Firm Begins Construction on Georgia Manufacturing Facility appeared first on Commercial Property Executive.

 Development, Industrial, News, South, Archer Aviation, Synovus Bank 

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