Melbourne Airport Approves 39-Year 'Project Sky' Ground Lease

The Melbourne Airport Authority board approved a ground lease on September 23 for about 30 acres at Melbourne Orlando International Airport. The tenant is an unnamed company the airport is calling Project Sky. The 39-year lease is projected to generate $23.85 million in revenue over its term, according to reporting by the Orlando Business Journal.

The site is the parcel once set aside for Aerion Supersonic's planned headquarters. Aerion shut down in May 2021 and the land has sat empty since. It is on the northwest side of the airfield, north of General Aviation Drive and just west of Embraer's business-jet campus.

The Lease Terms

The base term is 39 years, with two option periods of five and a half years each. Under a ground lease the airport keeps the land and the tenant owns what it builds. The lease calls for the tenant to construct aeronautical facilities on the site.

Thirty acres is room for a manufacturing or operations building with apron access, staging, and parking. Airport Executive Director Greg Donovan said the land has never been used, including when the airfield was a Navy air station in the 1940s.

The airport has not named the tenant. Donovan described it as a "blue-chip company" and said job numbers are confidential at the company's request. Mark Busalacchi, the airport's director of business development, said the company intends to move quickly but does not expect a public announcement within 30 to 60 days of the vote.

What It Means for Land Near the Airport

Large sites with airfield access at Melbourne Orlando International rarely come available. This one is now committed for 39 years, plus options. A tenant or developer looking for a large airport site in Melbourne has one fewer to consider.

The lease covers the whole parcel with one tenant, so the land will not be subdivided or offered for other commercial development.

For industrial landlords near the airport, a new aeronautical employer can bring suppliers and contractors who want space close by. How much depends on who the tenant is and what it builds, and neither is public yet.

RCRE Take

The base rent starts at $53,361 a month, or $640,332 a year, according to Florida Today. On about 30 acres that is roughly $21,300 an acre per year, or about 49 cents per square foot of land. The lease abates 100 percent of the rent in year one, 50 percent in year two, and 25 percent in year three, and adjusts to CPI every five years.

What matters next is the name. If the tenant is an aircraft manufacturer or a defense contractor, its suppliers will look for space near the airport after the announcement. Owners of industrial space near Melbourne should watch for it.

Submarket Context

The airport already hosts Northrop Grumman, L3Harris, Embraer, and a range of aerospace and defense suppliers. The lease approved on September 23 is an aeronautical ground lease, so the tenant will be an aviation user.

Elsewhere in the county, we covered the Space Coast Innovation Park breaking ground in Titusville. That site is in north Brevard. Project Sky is in Melbourne.

If you are evaluating commercial land in Brevard for an aviation or aerospace use, take this parcel off the list.

If your company needs industrial space or land near Melbourne Orlando International, or you own property near the airport and want to know what this lease means for it, call 321-514-0876 or contact RCRE at spacecoastcre.com/contact.

Frequently Asked Questions

Who is the tenant behind Project Sky at Melbourne Orlando International Airport?

The airport has not said. The lease describes the tenant only as an aeronautical company that will build aeronautical facilities on the site.

What is a ground lease and how does it work at an airport?

In a ground lease the airport keeps the land and the tenant builds and owns the improvements for the length of the lease. Airports commonly lease land this way to aircraft manufacturers, maintenance operators, and other aviation users.

What happened to the Aerion Supersonic site at Melbourne Airport?

Aerion Supersonic planned a $375 million headquarters on the parcel and shut down in May 2021 before building it. The land stayed vacant until the airport authority approved the Project Sky lease on September 23, 2026.

How does a 39-year ground lease affect nearby industrial availability in Melbourne?

It takes about 30 acres of airport land off the market for at least 39 years. The two option periods could extend the lease to 50 years.

Should Brevard industrial landlords near the airport care about Project Sky?

Wait for the name. The airport has said only that the tenant is an aeronautical company. Whether its suppliers need space nearby depends on what it builds.

Sources

• Orlando Business Journal: Reports the Melbourne Orlando International Airport board approval of the 30-acre, 39-year ground lease for an undisclosed tenant under the codename Project Sky, projected revenue of $23.85 million, and the connection to the former Aerion Supersonic site.

• Florida Today, September 23, 2026 (via Yahoo News): Reports the unanimous Melbourne Airport Authority vote, the parcel location, the base rent of $53,361 a month, the rent abatement and CPI schedule, the two option periods, the statements from Greg Donovan and Mark Busalacchi, and Aerion's planned $375 million headquarters.

Written by Cassandra Hartford, founder and CEO of Reach Commercial Real Estate. She has worked in Brevard County commercial real estate for 18 years, representing buyers, sellers, landlords, and tenants across Florida's Space Coast.