Ocean Aviation officially broke ground on a $67 million fixed-base operator (FBO) and private jets aviation campus at Miami Executive Airport (KTMB) on October 7, 2026.

Backed by alternative investment firm Kennedy Lewis Investment Management, the greenfield development aims to address severe infrastructure constraints in the fast-growing South Florida business aviation market. The company announced the milestone in a press release, marking the start of vertical construction on a 40-acre site secured under a long-term lease agreement with the Miami-Dade Aviation Department (MDAD).

Infrastructure expansion at Miami Executive

The new KTMB facility represents a major capital injection into the Miami metropolitan aviation system. The completed campus will feature 400,000 square feet of hangar space. This capacity will be divided between communal storage and private configurations designed to accommodate ultra-high-net-worth individuals, corporate flight departments, and international operators.

A central operational feature of the development is a planned 32,000-square-foot common-use taxi lane and ramp. This dedicated infrastructure will serve U.S. Customs and Border Protection (CBP), facilitating direct international arrivals and clearances at the facility.

The project is being delivered through a design-build model led by construction firm Lemartec, with architectural firm Schenkel Shultz serving as the design partner. Site development also includes the relocation of the Wings Over Miami Air Museum, a move intended to preserve the museum’s connection to South Florida aviation history while integrating it into the modernized airport footprint.

Ocean Aviation Executive Chairman Romain Grosjean described the October 7, 2026 groundbreaking as a defining milestone for the company, stating the project allows them to create a flagship campus built around the specific needs of aircraft owners and flight departments.

David Chene, Managing Partner at Kennedy Lewis Investment Management, noted the start of construction reflects the firm’s conviction in the South Florida market and its commitment to building a global FBO platform.

Building a South Florida network

Ocean Aviation was founded in 2024 to build a premium private aviation services platform in key United States markets. The company is currently anchored in South Florida and chaired by Grosjean, a former Formula 1 and IndyCar driver.

Financial backing for the platform comes from Kennedy Lewis Investment Management. The alternative investment firm, founded in 2017 by David K. Chene and Darren L. Richman, manages approximately $37 billion in assets.

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The foundation for the KTMB project was laid in 2024 when Ocean Aviation executed a 40-year ground lease for the 40-acre parcel. While initial industry announcements targeted a September 2026 groundbreaking, the official ceremony and commencement of site work took place on October 7, 2026.

The Miami development is part of a broader regional strategy. On September 14, 2026, Ocean Aviation announced the acquisition of National Jets, an established FBO at Fort Lauderdale-Hollywood International Airport (KFLL). National Jets operates on a 20-acre leasehold and brings a 60-year operating history to the Ocean Aviation portfolio. The acquisition establishes a dual-airport network serving the greater Miami and Fort Lauderdale metropolitan area.

Following the KFLL acquisition, Ocean Aviation plans to immediately commence a phased redevelopment of the Fort Lauderdale site. The company intends to expand the existing 22,000 square feet of hangar capacity to over 150,000 square feet.

“National Jets has built an outstanding reputation over more than six decades at Fort Lauderdale, and we are honoured to carry that legacy forward. This is a market we believe in deeply, and we will invest in the facility, the team and the experience accordingly.”

AirPro News analysis

We view the simultaneous development at KTMB and KFLL as a highly aggressive capacity play in one of the most supply-constrained business aviation markets in the world. South Florida has historically suffered from a severe shortage of hangar space, forcing operators to reposition aircraft or accept sub-optimal basing arrangements. By adding 400,000 square feet at Miami Executive and an additional 128,000 net square feet at Fort Lauderdale, Ocean Aviation is injecting massive new supply into the system.

The backing of a $37 billion asset manager like Kennedy Lewis demonstrates that institutional capital is increasingly willing to fund greenfield aviation infrastructure, rather than simply trading existing FBO leaseholds at high multiples. The inclusion of a dedicated CBP ramp at KTMB also signals a clear strategy to capture high-margin international heavy jet traffic routing through the Caribbean and Latin America, positioning the new campus as a primary port of entry rather than just a parking facility.

Sky Travel and its parent company, Cove Capital Investments, LLC, announced plans on October 6, 2026, to bring nearly 20 business aircraft to the market during the fourth quarter of the year. The inventory spans light, midsize, large-cabin, and long-range business jets, providing acquisition and leasing opportunities ahead of traditional year-end tax planning deadlines.

The announcement, detailed in a press release issued by the Orlando, Florida-based companies, outlines a phased sales approach. The aircraft will initially be presented off-market to selected partners for approximately three weeks before being introduced to the broader public marketplace in late October 2026.

Diverse inventory targets year-end buyers

The portfolio of aircraft slated for sale or lease covers multiple mission profiles and size categories. The companies confirmed the inventory includes models from Textron Aviation Inc., General Dynamics Corporation, and Bombardier Inc. Specific aircraft types listed in the announcement include the Cessna Citation Excel, Hawker 400XP, Learjet 75, Gulfstream G200, Gulfstream GIV-SP, Gulfstream GV, and Bombardier Global Express.

The fourth quarter is traditionally a high-demand period for business aircraft acquisitions. Buyers frequently seek to complete purchases before the calendar year concludes to meet tax planning objectives and operational requirements. Sky Travel noted that some models within the portfolio will also be available through lease structures, providing alternative financing options for operators.

Sky Travel Chief Executive Officer Kevin Wargo stated that the timing aligns with current market demand for quality pre-owned aircraft.

“Our listings represent a very broad range of aircraft sizes and mission profiles, including several newer aircraft. With year-end approaching, we believe these aircraft will create compelling opportunities for buyers looking for both value and availability.”

Cove Capital and Sky Travel expansion

The fourth-quarter aircraft sale is the latest in a series of rapid expansions by Cove Capital Investments and its subsidiaries. Cove Capital was founded in September 2025 by Kevin Wargo and Samantha Nunez to invest in aviation-related businesses. Wargo previously co-founded and served as CEO of Fly Alliance, building the company into the 14th-largest United States private jets operator based on charter and fractional hours.

Following a management buyout at Fly Alliance, Wargo departed his role in July 2026 to focus on Cove Capital and Sky Travel. The transition was followed by immediate acquisitions. On August 17, 2026, Cove Capital acquired the aircraft parts inventory and warehouse operations of Fly Alliance through its subsidiary, Altitude Parts. The transaction included 156 disassembled aircraft and over 42,000 parts, representing assets valued at more than $150 million.

Sky Travel, which also operates as Sky Travel Solutions, is based in Winter Park, Florida. The company focuses on aircraft sales, acquisitions, leasing, management, and charter operations. In late August 2026, Sky Travel announced the launch of a new jet card program and detailed plans to build a charter fleet of 12 Hawker 400XP aircraft by the end of 2027.

AirPro News analysis

The rapid sequence of moves by Kevin Wargo and Cove Capital Investments indicates a well-capitalized strategy to capture market share across multiple private aviation segments simultaneously. By acquiring a massive $150 million parts inventory in August and now floating nearly 20 aircraft for sale or lease in October, Cove Capital is positioning Sky Travel as a vertically integrated player capable of supporting both its own growing Hawker 400XP charter fleet and third-party operators. The decision to hold a three-week off-market period suggests the company is leveraging existing industry relationships to secure early, high-value transactions before exposing the remaining inventory to the open market.

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Orlando-based charter operator Northern Jet has secured International Standard for Business Aircraft Operations (IS-BAO) Stage 1 registration, establishing a globally recognized safety baseline as the company scales its operations for transatlantic missions.

The certification, issued on August 31, 2026, and announced in a company press release on October 2, 2026, follows a comprehensive three-day audit of Northern Jet’s flight operations, procedures, and Safety Management System (SMS). The credential serves as a benchmark for international operations and aligns with the operator’s strategic expansion into European markets following the recent induction of ultra-long-range aircraft into its fleet.

Strengthening operational foundations

The IS-BAO registration process requires operators to demonstrate that their safety practices and operational procedures meet stringent international standards. For Northern Jet, the Stage 1 audit focused on verifying that an appropriate SMS has been established and that safety management activities are appropriately targeted.

Company leadership framed the certification as a necessary step to support ongoing growth and ensure operational consistency across a larger, more capable fleet.

“IS-BAO registration reflects the work our team has put into strengthening Northern Jet’s systems, processes, safety practices and culture. The audit provided a detailed review of how we operate and how safety is incorporated into our day-to-day decision-making. Achieving this registration validates that work against a respected global business aviation standard and strengthens our operational foundation as the company continues to grow.”

The sentiment was echoed by Northern Jet CEO Chris Bull, who noted the importance of scaling operational standards in tandem with the company’s physical footprint.

“As Northern Jet continues to grow, it is important that our operational standards grow with us. IS-BAO registration strengthens the foundation behind our expanding international capabilities and reinforces the level of consistency and care we expect across every part of our operation.”

Fleet expansion and international strategy

The push for international safety credentials directly follows a period of significant fleet expansion for the operator. On July 22, 2026, Northern Jet added its first Gulfstream G550 to its Federal Aviation Administration (FAA) Part 135 operating certificate. The addition marked the arrival of the company’s first ultra-long-range aircraft.

With a range of approximately 6,500 nautical miles, the Gulfstream G550 enables direct transatlantic missions, opening new revenue streams in the European charter market. This acquisition was preceded by the May 21, 2026, addition of a 12-passenger 2026 Bombardier Challenger 650, which expanded the company’s heavy jet capabilities.

Operating these larger aircraft on international routes requires compliance with a complex web of foreign regulatory requirements. IS-BAO registration is widely recognized by civil aviation authorities globally, often streamlining the approval process for international flight planning and operations.

Corporate evolution and safety framework

Northern Jet operates a fleet of more than 40 aircraft across light, midsize, super-midsize, and heavy jet categories. The company has 31 years of experience providing jet and helicopter charter, jet-card memberships, fractional ownership, and turnkey aircraft management. The current corporate entity took shape in late 2023 following a merger between SpeedBird and Northern Jet Management.

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The IS-BAO standard was developed by the International Business Aviation Council (IBAC) in 2002 as a code of best practices designed to promote consistent, disciplined operating practices and effective safety management. The core of the program is the SMS, which requires operators to proactively identify and mitigate risks.

In addition to the new IS-BAO Stage 1 registration, Northern Jet maintains compliance with FAA Part 5 SMS requirements. The operator also holds ARGUS Platinum status and WYVERN Wingman PRO certification, which designates an SMS Level 4 maturity.

The current IS-BAO Stage 1 registration is valid through August 31, 2028. Prior to that expiration date, Northern Jet will be required to undergo a subsequent audit to either renew its Stage 1 status or progress to Stage 2, which requires demonstrating that safety risks are being effectively managed and that the SMS is functioning as designed.

AirPro News analysis

The pursuit of IS-BAO registration is a standard and necessary progression for regional charter operators transitioning into the global long-haul market. By securing this credential shortly after inducting the Gulfstream G550, Northern Jet is positioning itself to compete for high-yield transatlantic charter demand. Corporate flight departments and top-tier charter brokers frequently mandate IS-BAO compliance as a strict prerequisite for booking. Without this registration, operators fielding ultra-long-range aircraft often find themselves locked out of the most lucrative international contracts, regardless of the aircraft’s physical capabilities.