Woodbury Corporation & Falcon Hill Aerospace Research Park

January 26, 2015 | Development
By Woodbury Corporation

Woodbury Corporation & Falcon Hill Aerospace Research Park

Development
By Woodbury Corporation
Woodbury Corporation & Falcon Hill Aerospace Research Park

Woodbury Corporation’s partnership with the Hunt Companies as Sunset Ridge Development Partners (SRDP) at Hill Air Force Base (HAFB) was recently featured in the January-February issue of The Military Engineer. SRDP’s partnership with HAFB is part of the rising growth of the use of Enhanced Use Leases (EULs). In an Enhanced Use Lease, the government retains ownership of the land while entering into a long-term land lease with a private developer. The developer uses payment in-kind consideration instead of appropriated funds to pay for replacing deteriorating buildings and infrastructure.

Falcon Hill Aerospace Research Park began with the signing of an EUL agreement in 2008. The Air Force identified approximately 550-acres of underutilized land that could be leveraged to develop an aerospace research and technology park to benefit both the community and the base. Because the service may again need the property for future needs, it was incumbent for any development plans to be synergistic with the base’s needs.

The joint project at Falcon Hill started with a clear vision. The team worked very closely with public and private partners to analyze and mitigate everyone's risks while simultaneously addressing respective concerns in a controlled and deliberate fashion from the begging of the project to the end. Woodbury Corporation is excited to continually work with Sunset Ridge Development and Hill Air Force Base to improve the base and surrounding communities.

The complete article can be found here on pages 47 & 48.