While the contract is still pending, Ocean Aviation plans to invest $67 million in a new private aircraft facility and air museum at Miami Executive Airport.

The S. Florida Business Journal reports the 40-year lease includes a single five-year option of renewal. Ocean Aviation stated that 2,900 temporary jobs and 250 permanent jobs with annual salaries between $60,000 and $250,000 would be created over the lease’s term.

The new facilities will include a fuel farm, a temporary and permanent terminal for private aircraft, office and retail space, 27 aircraft hangars, a new $5 million building for the airport’s Wings Over Miami Air Museum, a 49,109-square-foot ramp for aircraft parking for the Watson School of Aviation, and a 32,000-square-foot common-use ramp.

The new aviation campus will be designed by Arquitectonica. Lemartec will serve as general contractor. The project will be built in three phases and take 11 years to build.

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