Daniel O'Keefe, left, and Brett Renton, right, with Shutts & Bowen. Courtesy photos
A Nevada-based company in pre-production for a supersonic business jet is investing $300 million in its new Florida headquarters with help from Shutts & Bowen attorneys.
Aerion Supersonic will built its Aerion Park headquarters on 61 acres leased at Orlando Melbourne International Airport. This is expected to be an economic boost creating 675 jobs by the time the first model is flying.
The state already has a big aerospace and aviation industry with more than 470 companies for aircraft parts, assembly, surveillance and more, according to economic development public-private organization Enterprise Florida Inc.
The new Aerion headquarters will be on Florida's Space Coast, home to the Kennedy Space Center, a primary launch site for spacecraft, and the Cape Canaveral Space Force Station, the military spaceport.
The $300 million investment will be spread over several years and includes construction and equipment.
"Aerion is going to be a major player in Florida's evolving aerospace industry," said Shutts partner Brett Renton in Orlando. He and office co-managing partner Daniel O'Keefe led Aerion's legal team.
Partner Russell Hintze and associate Cameron Katz in Orlando and partners Joseph Goldstein in Fort Lauderdale and Neil Shoter in West Palm Beach also worked on the transaction.
O'Keefe and Renton worked through complex tax issues and deal legalities in tandem with site-selection guide J.M. Mullis Inc. based in Tennessee.
Aerion did an extensive search before settling on its Florida location.
"Determining Aerion's headquarters involved an extensive search and evaluation study, considering numerous possible locations across multiple states where Melbourne emerged as the clear choice," O'Keefe said in prepared remarks. "Time was of the essence in moving this fast-paced deal forward, which involved lengthy and complex processes at every stage."
The deal had to be executed remotely to comply with social-distancing requirements imposed because of the coronavirus pandemic.
Government approval for the aerospace maker's headquarters would have been done in person.
"Since the transaction involved multiple government entities, each had to approve the deal in compliance with the Florida Sunshine Laws amid the pandemic," O'Keefe said, referring to the state's open government law.
Gov. Ron DeSantis on March 20 issued an executive order allowing for technology use such as video conferencing to obtain government approval.
Aerion Supersonic, now based in Reno, is developing supersonic jets, starting with the AS2 business jet, which promises to be the first privately built supersonic jet in the world. The first flight is projected for 2024 with the model going into service in 2026.
The company was founded by billionaire businessman and philanthropist Robert Bass and is led by chairman, president and CEO Tom Vice.
"We are building the next generation of high-speed transportation networks that will revolutionize global mobility without leaving a carbon footprint on our world," Vice said in a news release.
Construction on Aerion Park is to start later this year.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
