The U.S. Department of the Air Force and Synergy Building Systems, an Ohio-based real estate development company, recently entered into a 50-year Enhanced Use Lease (EUL) to develop approximately 43.5 acres of land at Wright-Patterson Air Force Base near Dayton.
An EUL is a lease agreement between the Air Force and a public entity or private developer to create mutually beneficial commercial projects on non-excess, underutilized Air Force real property. The Air Force receives cash or a combination of cash and in-kind consideration in exchange for leasing property.
Under the terms of this agreement, Synergy will develop land for commercial use. This includes constructing and managing eight office buildings that will be located outside the fence line. The buildings will comprise the estimated $250 million Convergence Research Center that will be used by industry, academia and government stakeholders.
“We included the net goal of growing jobs in the commercial sector, jobs outside the fence at Wright-Patterson Air Force Base, and including growing our academic community, our commercial community, so they could be geared and targeted toward opportunities at Wright-Patterson Air Force Base,” U.S. Rep. Mike Turner (R-OH) said a press conference announcing the project.
The project is one of the largest commercial projects in Dayton’s history.