JetZero Inc. and the city of Long Beach have agreed to a 30-year extension to the company’s lease at the city airport, on the condition that the pioneering aviation company invests millions into expanding its design center.
The agreement, approved unanimously by the Long Beach City Council earlier this month, extends JetZero’s lease through the early months of 2059, with an option to renew for an additional five-year period.
Councilmember Megan Kerr said the agreement solidifies the city’s future in aerospace.
“JetZero’s decision to solidify its presence in our city means continued momentum for Long Beach as a center of aerospace excellence and as a leader in the next generation of sustainable, efficient aviation,” Kerr said.
It also ensures $50 million in improvements to the company’s 16.5-acre campus on Donald Douglass Drive, including a two-story atrium entrance, a Customer Experience Center and a wellness center with a gym and cafe, among other additions.
Tom O’Leary, JetZero CEO and co-founder, said in a news release that the new agreement gives the company added stability as it furthers its footing in the aeronautical industry.
“Long Beach has always been at the heart of JetZero’s innovation, and we’re proud to continue designing the future of flight right here at our Design Center,” O’Leary said.
The company previously announced its plans for a $4.7 billion factory in central North Carolina — one of the largest commitments in the state’s history — where it will build its marquee Z4 aircraft, a fixed-wing plane JetZero says will use 50% less fuel than traditional tube-and-wing airliners.
JetZero aims to have a demonstrator model tested for the U.S. Air Force by 2027, with plans to produce 20 planes a month by the late 2030s.
United Airlines, Delta and Alaska Airlines are all investors in the aeronautical project and have made conditional purchase agreements with the company for future fleets. Separate from the variant used by the military, the commercial jetliner would hold about 250 seats and fly at a range of 5,000 nautical miles.
“Long Beach has been home to aviation firsts for more than a century, and with this agreement, we are doubling down on that history and carrying that tradition forward,” said Mayor Rex Richardson. “JetZero’s commitment to Long Beach Airport means more jobs for our residents and strengthens our City’s role as a hub for aerospace innovation.”