The Los Angeles Board of Airport Commissioners this week approved a 20-year lease with Runway Two-Five Corp. for restaurant, banquet and meeting facilities located east of two parallel runways on the south side of Los Angeles International (LAX).
The Proud Bird has been a fixture at LAX for about a half-century. The lease covers nearly 6.5 acres, most of it off-airport industrial land, 52,072 square feet of buildings, and nearly 2 acres of unpaved adjacent land for historical aircraft displays.
The lease, according to airport officials, is expected to generate nearly $4.6 million in revenue to Los Angeles World Airports.
Runway Two-Five corp. expects to invest at least $5 million into renovating the property by bringing buildings up to code, replacing a roof, upgrading the property and integrating displays focusing on the Tuskegee Airmen of World War II and other historical aviation displays.
