Confidential · Exploratory Prepared for: Johnny Wahba · Amethyst Projects

The Vertiport Stack

Lock the only fast-path supply of operational vertiports in Los Angeles, become the FAA-and-operations layer the eVTOL industry needs to launch each new city, and scale into the U.S. infrastructure operator of urban air mobility.

Anchor partner target: Archer Aviation LA → 10-city national rollout · 5-year horizon

SoCal nodes mapped

Active FAA rooftop pads

$3.4M

Phase 0 land-grab capital

45-50

LA sites under network by Y5

1. Executive Summary 2. The Permitting Moat 3. Three Supply Lanes 4. LA Network Strategy 5. Revenue Model & Pricing 6. Vertiport-as-Amenity (VaaA) 7. Managed Vertiport Services 8. The Vertiport Experience 9. Archer Partnership Structure 10. National Rollout (City-by-City) 11. Unit Economics & Capital Plan 11.5 Cash Flow & Capital Forecast 12. Competitive Landscape (Honest) 13. Risk Register 14. Execution Plan (90-Day + 12-Month) 15. Asks & Next Steps A. Methodology & Sources

1.Executive Summary

Urban air mobility is moving from aircraft certification to infrastructure deployment. Joby, Archer, and Beta have FAA Type Certification near commercial launch. The aircraft are real. The bottleneck is now where they land.

The thesis in one sentence: Los Angeles already contains 38 active FAA-recognized rooftop heliports — finite, scarce, aviation-legitimized real estate that any eVTOL operator must use to scale. Whoever locks this supply first owns the only fast-path vertiport network in the largest UAM market in the U.S.

Mission

Make urban air mobility accessible, frequent, and pleasant — the way driving was supposed to be before traffic killed it.

Vision (10-year)

A network of 1,000 vertiports across 50 U.S. cities, where flying point-to-point is as routine as calling an Uber.

Operating philosophy

We charge the minimum that keeps us viable and the maximum that keeps the industry healthy. We never extract — we enable. Our success is measured in flights flown, not fees collected per flight. We are not an airline. We are not an aircraft maker. We are the infrastructure that makes both possible.

The opportunity in five facts

SoCal contains ~38 FAA-active rooftop heliports outside airports — see the live network dashboard for the mapped supply.
Permitting moat is real: 6–18 months to reactivate an existing FAA pad vs. 24–48 months for a parking-garage conversion. We are 3–5 years faster than any competitor.
Three supply lanes — Legacy (existing FAA), Reactivation (managed services for property owners), New-Build (Vertiport-as-Amenity for developers).
Per-site economics at maturity: $5–8M revenue, 50–60% EBITDA margin.
National TAM at Year 5: 80–120 sites across 10 metros = $300–500M revenue, $150–280M EBITDA, implied enterprise value $2.3–5B at telecom-tower multiples.

The Archer-funded land grab — the next 90 days

We do not currently have the $3.4M of Phase 0 capital required to lock the LA supply under option agreements. We need Archer (or a substitutable strategic) to fund the option phase in exchange for time-boxed anchor exclusivity. The pitch is asymmetric:

To Archer: Fund $3.4M of site-option capital. In exchange you get 18-month anchor exclusivity + most-favored-nation landing-fee floor + equity option in the LA SPV + first-look on the resulting portfolio. Your alternative — REEF is stuck without aviation operations; Hawthorne is one site; you have no rooftop network strategy. Our $3.4M unlocks 25 vertiport sites that operate in 2027 while parking-garage conversions are still in CUP hearings in 2029.

2.The Permitting Moat

The single most defensible feature of this business is time-to-operational-pad. Existing FAA-active heliports have grandfathered aviation use; everything else needs a new entitlement process. The difference is years, not months.

Path	Permitting time	All-in capex	Failure rate	First flight
Existing FAA-active rooftop (our lead)	6–18 mo	$2–5M	<10%	2027
Historical EHLF rooftop (reactivation)	12–24 mo	$3–7M	~15%	2027–2028
Parking structure / new heliport (REEF, Metropolis)	24–48 mo	$5–15M	30–50%	2029–2031
Greenfield new construction	36–60 mo	$10–30M	~50%	2030+

Why this matters

Operators need pads in 2026–2028 to launch commercial service. The only inventory that's deliverable in that window is existing FAA-permitted rooftops. Whoever locks that supply controls the first 3 years of the market. After 2029, slow-path conversions begin opening — but by then, the network leader has 50+ pads, multi-tenant operator contracts, and unbreakable density.

REEF and Metropolis have property, not permits. Even with 4,800 parking garages, every single one needs a new CUP, CEQA review, and FAA Form 7480. We have a 3–5 year operational lead on every site they want to convert.

3.Three Supply Lanes

The platform combines three distinct supply streams that compound over time. Each has a different customer, different economics, and different competitive position.

LANE 1

Legacy (existing FAA)

Lock options on the 38 SoCal FAA-active rooftop heliports. Convert to leases.

Time-to-ops6–18 mo

Phase 0 capital$3.4M

Revenue modelLanding fees

DefensibilityFinite supply

LANE 2

Reactivation (managed services)

Run permitting + operations for property owners (REEF, Metropolis, individual landlords).

Time-to-ops24–48 mo

Our capex$0 (they pay)

Revenue modelService fees + rev share

DefensibilityOperational expertise

LANE 3

New-Build (VaaA)

Vertiport-as-Amenity for developers building new towers, hotels, luxury residential.

Time-to-ops0–36 mo

Our capex$0 (developer pays)

Revenue modelDesign fees + 20-yr ops contract

DefensibilityLong-term contracts

LA supply growth across all three lanes (5-year projection)

Year	Legacy locked	Managed (Lane 2)	New-Build (Lane 3)	LA total
Y1	15	0–2	0	15–17
Y2	25	2–4	0–2	28–30
Y3	25	5–8	2–5	32–38
Y4	25	8–12	5–8	40–45
Y5	25	10–15	8–12	45–52

45–52 LA sites under our network by Year 5 = market saturation. No competitor reaches that scale in less than 7 years.

4.LA Network Strategy

See the live dashboard for the mapped 38 SoCal rooftop heliports + 25 airports + 18 other strategic sites. The map is the operational view; the table below is the prioritization for Phase 0 lease-option pursuit.

Tier 1 — DTLA + Westside (Weeks 1–4)

Site	FAA ID	District	Strategic role
City National Plaza	87CL	DTLA Bunker Hill	Tallest pad (980 ft). Anchor DTLA node.
Westin Bonaventure	CN25	DTLA Bunker Hill	Iconic hotel. Tourist + business density.
AT&T Center (South Park)	46CL	DTLA South Park	679 ft, 32-story tower.
660 S Figueroa (K&T)	2CA6	DTLA Bunker Hill	Class A office. Central position.
Biltmore Hotel	CL08	DTLA Bunker Hill	Historic hotel. Pershing Square adjacency.
International Tower	CL49	DTLA	542-ft high-rise rooftop.
Garland Center	CL32	DTLA	Office rooftop, 430 ft.
Beverly Center	84CA	Beverly Grove	Westside retail anchor. Underutilized rooftop.
Westwood Gateway	CL50	Westwood	UCLA + Westwood Village density.
Century City Heliport	84CL	Century City	Westside business core.

Tier 2 — Periphery + corridor connectors (Weeks 4–8)

Sunset-Glendale (55CN), 5670 Wilshire (3CA6), 700 N Brand (0CL4), Hotel New Otani (6CA0), Ritz-Carlton MdR (CA79), Pendry WeHo (CL90), DreamWorks Glendale (5CA0), California Mart (9CA5), Westside Towers (CL54), The Wilshire Thayer (70CA), Wilshire Area (44L), Operating Engineers Pension Trust Bldg Pasadena (CN39).

Tier 3 — Historical EHLF reactivation (Weeks 8–12)

Gas Co Tower, Fox Plaza, California Plaza, U.S. Bank Tower, The Bloc, Century Plaza Towers (commercial, not the Park Elm residential), Universal City office, Howard Hughes Center.

Tier 4 — Surrounding areas (Months 3–6)

LAX corridor (CL02 Kilroy Airport Ctr, CL03 Airport Towers, CN33 Airport Imperial), SFV (CN27 Hughes/Canoga, CL89 MGA Chatsworth, CL26 Omninet West Valley), Glendale (CL19 BofA, 2CL7 Glendale Plaza), Orange County (CA85 Opus Center, 3CA2 Jamboree Center, 0CL5 Atrium), South Bay (3CL3 LB World Trade, CA99 Kilroy AC8 LB), Malibu (CL10 Anacapa View), Pasadena (CN39 Operating Engineers).

Site option mechanics

We don't sign full leases yet. We sign site option agreements — standard pre-lease instruments used in telecom-tower and EV-charging assembly:

Option fee $25–100K per site for 12–24 months of exclusive negotiation rights
All lease terms (rate, term, expansion, revenue share) defined in the option
Diligence period for FAA status verification, structural assessment, operator commitment
Convert to lease when ready — landlord cannot back out, rate is locked

This is the Crown Castle assembly playbook. Pay a small option fee, lock the supply, do the diligence, then convert. The cumulative option-fee outlay is the unlock budget.

5.Revenue Model & Pricing

Pricing philosophy: enable, don't extract

The bet is mass adoption at Uber-Black-tier per-seat pricing ($60–120/seat). For operators to hit those ticket prices profitably, our landing fees must be sized in the $25–50 range — not the $50–100 range I initially proposed.

The economics are reflexive: lower landing fees → higher operator margin → lower passenger ticket prices → mass adoption → high flight volume → high pad utilization → great unit economics. Pricing is part of the demand curve, not separate from it.

Recommended rate card (post-sunset market rate)

Base landing fee

$35

Per landing. Standard daytime ops. All operators (post-sunset).

Peak / surge

$50–60

07:00–10:00, 16:00–19:00. Friday afternoons. Special events.

Premium pad

$50–70

DTLA Bunker Hill, Century City, LAX-adjacent. Highest-value pads.

Three pricing principles

Tied to operator success, not extracted from it. Base fee + revenue share, capped below 15% of operator gross revenue per flight. If they struggle, we struggle; if they thrive, we thrive proportionally.
Published, not negotiated. Public rate card. Same prices for every operator. Volume discounts are formula-based.
Indexed to demand, not to the operator. Premium for premium pads. Surge for surge windows. Never different rates for Joby vs. Archer for the same slot on the same pad.

Revenue stack — mature single pad

Stream	Annual ($M)	Driver
Landing fees	$1.8–2.5	$35 × 150 ops/day × 350 days × 1.0–1.5× peak blend
Passenger throughput fees	$0.5–1.0	$5–10/pax × 4 pax × 150 flights × 350 days
Charging margin	$0.4–0.7	$0.15–0.20/kWh × 100 kWh × 150 flights × 350 days
Ancillary (lounge, F&B, retail, signage)	$0.3–0.6	Premium passenger spend
Slot / reservation premiums	$0.2–0.4	Reserved slot purchases
Total mature revenue	$3.2–5.2M	Center: $4–4.5M per site

Honest disclosure: All revenue/fee figures are estimates based on published operator targets, comparable heliport/FBO/EV-charging economics, and announced vertiport operator commentary. None of these are contracted prices. Year 1–2 single-site economics will be materially below these numbers (likely $0.5–2M revenue, EBITDA negative).

6.Vertiport-as-Amenity (VaaA)

The third supply lane: white-label vertiport development for real estate developers building new towers, hotels, and luxury residential. They pay us during construction to design, permit, and operate the vertiport as a building amenity.

What we deliver

Feasibility study — can this rooftop be a vertiport? FAA airspace + structural + neighbor analysis
Schematic design — pad dimensions, FATO/TLOF, lighting, lounge layout
Permitting management — FAA Form 7480, local CUP, CEQA mitigation
Construction oversight — coordinate aviation elements with developer's GC
Operator agreements — bring eVTOL operators as tenants
Long-term operations — run the pad as an operating partner once live

What we charge

Phase	Fee	Timing
Feasibility study	$50–150K	Pre-design
Schematic + design support	$250–500K	Schematic phase
Permitting / FAA / CEQA	$800K–1.5M	Entitlement phase
Construction oversight	$400–800K	Construction phase
Total upfront services	$1.5–3M	Paid during build
Operating base fee	$200–500K/yr	Post-completion
Revenue share	15–25% of landings	Ongoing
Equity option	5–15% of vertiport SPV	Negotiable

Why developers buy this

Premium tenant pricing. Vertiport amenity adds $20–50/sqft to luxury residential. A 400-unit tower × 1,500 sqft × $30/sqft = $18M of incremental project value from one rooftop pad. Our $2M fee is rounding error.
Differentiation in saturated markets. Vertiport amenity is nearly impossible to retrofit later — it must be designed during construction.
They can't build it themselves. Aviation operations is outside developer core competency. They want a partner who delivers and leaves them alone.

Target developer list — LA pipeline

Luxury residential / mixed-use

Related Companies · Onni Group · Crescent Heights · CIM Group · AvalonBay · Equity Residential · Greystar

Class A office

Hines · Tishman Speyer · Brookfield Property Group · Boston Properties

Hotel / hospitality

Marriott · Hyatt · Four Seasons · Mandarin Oriental · Aman · Pendry · Edition · Soho House · Ace Hotel

Retail / mixed-use anchors

Caruso · Westfield (Unibail-Rodamco) · Simon Property Group

Corporate / aerospace campuses

SpaceX · Apple LA · Google LA · Netflix · Disney · Warner Bros Discovery

7.Managed Vertiport Services

The second supply lane. REEF Technology (4,800 parking garages), Metropolis Technologies, and individual landlords have property but no aviation operations capability. We become their operational layer.

The pitch to REEF / Metropolis / landlords: "You own the property. You don't have FAA filers, aviation attorneys, structural engineers familiar with rooftop aviation, or operations staff. We do all of that. Plug us into your top 50 sites. We run permitting, FAA filings, structural buildout, and daily operations. Revenue share on landing fees. You keep ground rent. You don't have to build an aviation business — you just lease us a rooftop."

Why this works for both sides

For property owners: Their REEF–Archer partnership has been stuck for 4 years without an operational vertiport. We unstick it. They get cash flow on dormant assets without distraction from their core business.
For us: Multiplies our supply pipeline beyond Lane 1's finite legacy inventory. Different economics (service fees + revenue share rather than full landing fees) but compounds the network.

Service contract structure

Component	Fee structure	Term
Permitting + entitlement management	$1–2M per site	Pre-operational
Operations contract	$300–600K/yr base + revenue share	20–30 years
Revenue share of landing fees	25–40% to us, 60–75% to property owner	Ongoing
Equity option (case-by-case)	5–10% of joint vertiport SPV	Negotiable

8.The Vertiport Experience

eVTOL is not legacy aviation. The worst thing we could do is replicate the airport experience. The vertiport must be FAA-regulated but designed by hospitality professionals, not by TSA contractors.

What the vertiport is NOT

TSA lines, gray bins, shoes off, full-body scanners
Vending machines, food courts, fluorescent ceilings
"Now Boarding Group 4"
Hour-long buffer between arrival and flight
Anonymous, transactional, defensive design

What the vertiport IS

Curb-to-seat in under 5 minutes for verified-ID commuters
App-mediated everything (book, check in, ID, board)
Hospitality-grade lobby: third-wave coffee, fast wifi, soft seating, daylight
Anticipatory service — regulars' orders ready before they arrive
Discrete biometric security in 10 seconds (hotel checkin feel)
Integrated last-mile (Uber/Lyft pickup, e-bike, valet)

Partner stack

Category	Target partners	Role
Coffee / specialty	Blue Bottle, Verve, Sightglass, Stumptown	Third-wave anchor; status signal
F&B grab-and-go	Erewhon, Sweetgreen, Joe & The Juice	Premium, fast, LA-native
Hospitality design	Soho House, Equinox	Lounge co-design, member-style adjacency
Aviation hospitality	JetBlue Mint team consultants	"Premium but not stuffy" know-how
Tech / app	Apple Wallet, Uber API, Lyft API	Last-mile + boarding integration

The Centurion Lounge effect: Riders choose vertiports, not operators. In a multi-operator world, riders book the route. A pleasant vertiport experience drives repeat use independent of which operator flew them. We become the Amex of urban air mobility — people use us partly because the lounges are good.

9.Archer Partnership Structure

The honest competitive picture

Archer already has two LA infrastructure plays: a partnership with REEF Technology (Aug 2021, 4,800 parking garages, stalled without aviation operations) and an outright acquisition of Hawthorne Municipal Airport ($126M, Nov 2025). Joby has its own partnerships (Reuben Brothers + Park Elm Residences at Century Plaza, residents-only; Metropolis Technologies for 25 parking-network sites).

None of these solves Archer's actual problem: a multi-site, multi-tenant rooftop network in operational state by 2027. REEF is stuck. Hawthorne is one site. We unlock that.

The pitch — reframed

To Archer: "Your REEF partnership has been stuck for 4 years because REEF doesn't operate vertiports. Your Hawthorne acquisition is one site, not a network. We are the network strategy. We secure the 25 FAA-permitted LA rooftops that operate in 2027 — while REEF's parking conversions are still in CUP hearings in 2029. We also operate Hawthorne for you if you want to outsource it. You sell aircraft. We make sure they have somewhere to land. Fund our $3.4M of option capital and you become anchor of the only fast-path vertiport network in LA."

Sweetheart launch terms (Months 1–24)

What Archer gets for $3.4M option capital + $40–50M Phase 1 capital

Anchor operator status — 18 months exclusive operator on the network
Discounted landing fees — $15/movement (vs. $35 market) — ~57% discount
50% slot reservation at each pad during exclusivity window
First-look on new pads — 30-day exclusive negotiation on every site we add
Equity option — up to 25% of the LA vertiport SPV at first-round valuation
Co-branded launch marketing — "Archer × Amethyst Vertiport Network"
Optional Hawthorne management — we operate KHHR for them under a separate contract

What we keep no matter what

Site ownership / ground lease control on every pad
Operational control — we run the pads, not Archer
Multi-tenant rights after exclusivity windows close
Majority HoldCo ownership — no single operator ever >35%

The sunset mechanism

Phase	Period	Archer fee	Market fee	Mechanics
1. Sweetheart	Mo 1–18	$15	—	Exclusive operator
2. Transition	Mo 19–24	$22	$35 (selective)	Joby invited as second operator
3. Multi-tenant	Mo 25–36	$28	$35	Full open access. $7 MFN advantage.
4. Market rate	Mo 37+	$35	$35	MFN floor only. No rate advantage.

Why Archer signs anyway

Time-to-market: 18 months to first commercial flight vs. 4–5 years building solo.
Capital efficiency: $43M total ($3.4M options + $40M Phase 1) for 18 months of operational exclusivity + national rollout option. Vs. $1B+ to build solo nationally.
Investor narrative stays clean: "We make aircraft. Our partner operates the pads."
Locked MFN status: Forever cheaper than any future operator entering after them.
Equity upside: If we exit to Crown Castle / Brookfield at $3–5B, Archer's 25% stake = $750M–$1.25B.

10.National Rollout — City by City

Year	Metro	Target pads	Why this sequence
Y1–2	Los Angeles	15–25	Anchor. Most active FAA pads in US.
Y2–3	New York / NJ	12–18	Manhattan rooftops + JFK/EWR/LGA. Highest fee tolerance.
Y2–3	Miami / SoFla	8–12	Ferrovial competitor; premium leisure corridor.
Y3–4	Chicago	8–10	Loop + ORD feeder.
Y3–4	SF Bay Area	10–14	Financial district + SFO/OAK/SJC.
Y4–5	Boston	6–8	Logan feeder, dense urban.
Y4–5	Washington DC	6–10	HNW + multiple secondary airports.
Y4–5	Houston / Dallas	10–15 each	Sprawled, corporate-heavy, less restrictive permitting.
Y5	Atlanta / Seattle / Phoenix	6–10 each	Tier-2 fill out the national footprint.
Y5 total	10+ metros	80–120	National infrastructure footprint.

11.Unit Economics & Capital Plan

Per-site ramp (mature pad in Year 4–5)

	Y1	Y2	Y3	Y4	Y5
Ops/day	10	40	90	130	160
Revenue ($M)	0.3	1.4	2.8	3.8	4.4
Opex ($M)	1.4	1.7	1.9	2.1	2.2
EBITDA ($M)	(1.1)	(0.3)	0.9	1.7	2.2
Margin	—	—	32%	45%	50%

Capital plan — Phase 0 (Land Grab) + Phase 1 (Build-out)

Phase / Use	$M	Notes
Phase 0 — Land Grab (Months 1–6)
Option fees (25 sites × $50K avg)	$1.25	Lock exclusive negotiation 12–24 mo
Legal — option agreement drafting	$0.75	Aviation + real estate counsel
Title / building diligence	$0.30	Per-site verification
Aviation land-use counsel retainer	$0.40	Sheppard Mullin / Latham / Hunton
Outreach team (6 mo)	$0.50	2–3 senior real estate + 1 ops lead
Heliport consultant (FAA verification)	$0.20	Per-site current-status confirmation
Phase 0 total	$3.4M	Funded by Archer in exchange for anchor terms
Phase 1 — Buildout (Months 6–30)
Lease conversion + LP commitments	$5	Convert options to executed leases
Structural retrofit + pad construction (10 sites)	$35	$3–5M per site with Archer engineering
Power + EVSE infrastructure (10 sites)	$12	1–3 MW per site
Entitlement / FAA / legal (full)	$5	Beyond Phase 0 retainers
Operations buildout	$5	Centralized ops + distributed site staff
Working capital + contingency	$10	15% reserve
Phase 1 total	$72M	Archer $40M + LP fund $25M + grants $7M
Phase 0 + Phase 1 total	$75M	LA Phase 1 funded

Network-level at Year 5 (~80 sites across 10 metros)

Run-rate revenue

$300–400M

Avg $4–5M per site × 80 sites

EBITDA

$150–230M

50–60% margins at scale

Implied EV (15× EBITDA)

$2.3–3.5B

Telecom-tower comparable multiple

11.5Cash Flow & Capital Development Forecast

A 5-year base-case projection across all three supply lanes and three target metros (LA → NYC → Miami). Numbers are estimates sized to the strategic plan, not contracted projections. Read alongside the disclaimer at the bottom of this section.

Operational ramp — sites live by year-end

Metro / Lane	Y1	Y2	Y3	Y4	Y5
LA — Lane 1 (Legacy FAA)	2	6	12	18	25
LA — Lane 2 (Managed Services)	0	1	3	6	10
LA — Lane 3 (VaaA new-build)	0	0	1	3	7
NYC (all lanes)	0	0	2	6	12
Miami (all lanes)	0	0	0	2	6
Total operational sites	2	7	18	35	60

Revenue forecast by stream ($M, base case)

Revenue stream	Y1	Y2	Y3	Y4	Y5
Landing fees (Lane 1 + 3 ops)	0.2	2.5	10.5	35.0	95.0
Passenger throughput fees	0.1	1.0	5.0	15.5	38.0
Charging margin	0.1	0.8	3.5	10.5	27.0
Ancillary (lounge / F&B / ads)	0.0	0.4	1.8	6.0	14.0
Slot & reservation premiums	0.0	0.2	1.2	4.0	9.0
VaaA service fees (Lane 3, paid during construction)	0.0	4.0	6.0	10.0	14.0
Managed services fees (Lane 2)	0.0	1.0	3.0	6.0	12.0
Total revenue	0.4	9.9	31.0	87.0	209.0

Operating expenses ($M, base case)

Cost line	Y1	Y2	Y3	Y4	Y5
Site operating costs (per-site avg × sites)	2.0	8.0	22.0	52.0	95.0
Corporate overhead (HQ + national team)	3.0	6.0	11.0	17.0	24.0
Sales & partnership ops	1.0	2.0	4.0	7.0	11.0
Legal / regulatory / FAA compliance	0.8	1.5	2.5	4.0	6.0
Insurance & risk	0.4	1.2	3.0	6.0	10.0
Total opex	7.2	18.7	42.5	86.0	146.0

EBITDA & net operating cash ($M, base case)

Metric	Y1	Y2	Y3	Y4	Y5
Revenue	0.4	9.9	31.0	87.0	209.0
Opex	(7.2)	(18.7)	(42.5)	(86.0)	(146.0)
EBITDA	(6.8)	(8.8)	(11.5)	1.0	63.0
EBITDA margin	—	—	—	1%	30%
D&A (estimate)	0.5	2.5	7.0	14.0	22.0
Interest expense (Y3+ project finance)	0.0	0.0	1.5	4.0	7.5
Operating cash flow (pre-capex)	(6.8)	(8.8)	(13.0)	(3.0)	55.5

Capital deployment schedule ($M, by metro and phase)

Use of capital	Y1	Y2	Y3	Y4	Y5	5-yr Total
Los Angeles
Phase 0 — Option capital (25 sites)	3.4	0	0	0	0	3.4
Phase 1 — Retrofit + buildout (15 LA sites)	14.0	36.0	22.0	0	0	72.0
Phase 2 — Lane 2/3 buildouts + scale	0	0	5.0	10.0	12.0	27.0
New York
NYC Phase 0 — Option capital	0	4.0	0	0	0	4.0
NYC Phase 1 — Retrofit + buildout (12 sites)	0	8.0	30.0	25.0	0	63.0
Miami
Miami Phase 0 + Phase 1 buildout (8 sites)	0	0	5.0	40.0	15.0	60.0
Other (corporate, infra, future metros)
Corporate buildout (team, systems, ops center)	2.0	3.0	5.0	6.0	7.0	23.0
Working capital / contingency (15% reserve)	3.0	8.0	10.0	15.0	5.0	41.0
Phase 0 capital — Chicago / SF / Boston (Y4+)	0	0	0	12.0	25.0	37.0
Total capex / capital deployed	22.4	59.0	77.0	108.0	64.0	330.4

Sources of capital ($M)

Source	Y1	Y2	Y3	Y4	Y5	5-yr Total
Archer Phase 0 capital (LA option fund)	3.4	0	0	0	0	3.4
Archer Phase 1 — LA build equity ($50M committed)	15.0	25.0	10.0	0	0	50.0
Amethyst LP Fund — Tranche 1 (LA)	8.0	12.0	5.0	0	0	25.0
Federal / state grants (FAA AIP, IRA, CA Energy)	2.0	5.0	3.0	0	0	10.0
Strategic anchor #2 (Joby or other manufacturer — NYC)	0	15.0	15.0	0	0	30.0
Amethyst LP Fund — Tranche 2 (NYC)	0	5.0	15.0	5.0	0	25.0
Amethyst LP Fund — Tranche 3 (Miami)	0	0	15.0	15.0	0	30.0
Project finance debt (against stabilized LA sites Y3+)	0	0	25.0	35.0	15.0	75.0
Strategic capital — additional manufacturers (Y4+)	0	0	0	30.0	20.0	50.0
Operating cash flow (when positive)	0	0	0	0	55.0	55.0
Total capital available	28.4	62.0	88.0	85.0	90.0	353.4

Cumulative cash position ($M)

Cash position	Y1	Y2	Y3	Y4	Y5
Capital raised (annual)	28.4	62.0	88.0	85.0	90.0
Capex deployed (annual)	(22.4)	(59.0)	(77.0)	(108.0)	(64.0)
Operating cash burn / generation	(6.8)	(8.8)	(13.0)	(3.0)	55.5
Net cash flow (annual)	(0.8)	(5.8)	(2.0)	(26.0)	81.5
Cumulative cash position	(0.8)	(6.6)	(8.6)	(34.6)	46.9

What this means in plain English

Year 1–4 is cash-negative. Cumulative funding gap peaks at ~$35M in Year 4 — the deepest point before EBITDA turn.
Year 5 is the inflection. Operating cash flow ($55M positive) + lower capex burn produces a $80M+ net cash year. Cumulative cash flips to positive ~$47M.
EBITDA breakeven in Year 4 (~$1M), $63M EBITDA Year 5. That's the moment we become acquirable at infrastructure-multiple valuations.
Total capital required: $330M over 5 years — sourced ~30% Archer/manufacturer anchors, ~25% LP equity, ~23% project debt, ~15% strategic anchors, ~3% grants, ~5% retained earnings.
Year 5 enterprise value (15× Y5 EBITDA × 1.1 forward growth) ≈ $1.0B–$1.6B. Up from $0 at Phase 0 close.

Return profile by capital tranche

Investor	Tranche size	Year	Y5 implied stake value	Multiple	IRR (5-yr)
Archer (Phase 0 + Phase 1)	$53M	Y1–2	$250–400M (25% stake)	5–7×	38–48%
Amethyst LP Tranche 1 (LA)	$25M	Y1–2	$100–150M (10–12% stake)	4–6×	32–43%
Amethyst LP Tranche 2 (NYC)	$25M	Y2–3	$80–120M (8–10% stake)	3–5×	30–37%
Amethyst LP Tranche 3 (Miami)	$30M	Y3–4	$60–90M (6–8% stake)	2–3×	25–35%
Project finance debt	$75M	Y3–5	Repaid + 8–10% interest	1.4–1.5×	8–10%
Founders / Amethyst HoldCo	—	—	$400–700M (40% stake)	∞	—

Scenario sensitivity

Scenario	Y5 sites	Y5 revenue	Y5 EBITDA	Implied Y5 EV	Drivers
Conservative	40	$120M	$25M	$400–600M	eVTOL delays push commercial ramp to 2028+. Lower utilization. Some Lane 2/3 deals slip.
Base	60	$209M	$63M	$1.0–1.6B	2027 commercial ops, on-plan utilization, 3 metros active, all 3 lanes producing.
Aggressive	85	$340M	$130M	$2.0–3.5B	Faster eVTOL adoption (Uber-style elasticity hits). 4 metros active by Y5. VaaA pipeline accelerates.

Key cash-flow assumptions

Per-site revenue ramp: Y1 ops $0.3M → Y2 $1.2M → Y3 $2.7M → Y4 $3.8M → Y5 (mature) $4.4M. Driven by operations/day scaling from 10 to 150.
Landing fee: $35 base post-sunset (Fair Gatekeeper). Sweetheart Archer rate $15 → $22 → $28 → $35 over 36 months.
Per-site opex: $1.4M Y1 → $2.2M Y5 (steady state). Includes ground lease, staff, insurance, FAA, maintenance.
Capex per legacy site: $3–5M with Archer engineering; $5–10M solo.
Capex per greenfield (NYC, Miami): $5–8M average — longer permitting offset by no land-grab option fees on most sites.
Lane 2 (managed services) revenue: $1M base contract per site + 25–40% rev share. Grows from 0 → 13 contracts over 5 years.
Lane 3 (VaaA) revenue: $1.5–3M services fee per project during construction + 20-year ops contract on completion. 0 → 7 active contracts over 5 years.
Federal & state grants: FAA Airport Improvement Program, California Energy Commission, IRA infrastructure credits. Conservative $10M cumulative; potentially 2–3× higher.
Project finance debt: Begins Y3 against stabilized LA sites (DSCR-test at 1.3×). Standard infrastructure debt 8–10% rates, 10-year amort.
Tax: Federal + CA combined effective rate ~28% applied to taxable income. Years 1–4 NOL carryforward shields most of Year 5 income from cash tax.

Honest disclosure: Every dollar in this section is a model estimate, not a contractual projection. The biggest uncertainty is operator volume (ops/day per site) — directly determined by eVTOL commercial launch timing and adoption curves, neither of which we control. If Archer/Joby commercial service slips from 2027 to 2029, every revenue line in Y2–Y4 compresses by ~50% and the cash burn extends 12–18 months. Capital plan must include 18+ months of additional reserve to bridge that scenario.

12.Competitive Landscape (Honest)

Player	Status	Our position
Archer + REEF	Partnership since 2021. 4,800 parking properties in scope. Stalled — no operational vertiport yet. REEF cut 5% of staff in 2025, deprioritized non-core verticals.	We can unstick this. They have property; we have aviation operations. Pitch managed-services to REEF; pitch network-acceleration to Archer.
Archer Hawthorne	$126M acquisition of KHHR (Nov 2025). 80-acre airport, near LAX. "Grand Central Station for Air Taxis."	One site, not a network. We complement, not compete.
Joby + Reuben Brothers	Park Elm Residences at Century Plaza South Tower. Residents-only private amenity.	Not a commercial network. Different product (residence amenity vs. open network).
Joby + Metropolis	Dec 2025 partnership for 25 US vertiports via parking network. Similar to REEF model.	Parking-network plays face the same 24–48 month permitting headwind. We're 3 years ahead on legacy supply.
Skyports	UK-based vertiport operator. Joby-aligned globally. Hunting for LA sites.	Operations-only, no real-estate strategy. Could be acquisition target or US partnership.
Ferrovial Vertiports	Spanish infra giant. 25 Florida vertiports. Joby-aligned. UrbanV JV in Europe.	Different geography. Compete only when both expand to overlap metros.
Atlantic Aviation / Signature	Legacy FBO networks at airports. 100+ locations.	Airport-bound. We are rooftop-native — different supply, different customer.

What this competitive picture means

We are not first to articulate the infrastructure-layer thesis — Archer-REEF beat us to it by 4+ years. But REEF-style parking-garage approaches face structural permitting delays that block them from operational pads until 2029-2031. The legacy FAA-active rooftop inventory remains open and unlocked. That's the supply we move on.

Our position is not "compete with Archer-REEF" — it's "complement and unstick Archer-REEF." We're the fast-path layer they need on top of their slow-path real estate. The manufacturer relationship is partnership, not rivalry.

13.Risk Register

Risk	Likelihood	Impact	Mitigation
eVTOL Type Cert delays (beyond 2027)	Med	High	Phase 0 capital is real-estate-backed; option fees retain value regardless. Stretch ramp 12–24 mo.
Archer declines Phase 0 funding	Med	Med	Backup approach: Joby, Beta, Blade-Joby, or LP capital. Plan B costs us speed.
Operator vertical integration (build own pads)	Med	High	Time-to-market gap (3+ years) makes solo build unattractive. Multi-tenant after Y2 makes us cheaper.
NIMBY / neighborhood opposition / noise	High	Med	Lead with legacy FAA sites — grandfathered use. Avoid greenfield residential.
FAA airspace congestion / new vertiport regs	Med	Med	Engage FAA regional early. Existing FAA sites have approved airspace.
Structural retrofit cost overruns	Med	Med	Archer engineering does DD pre-LOI. Structural engineer report gates lease execution.
Insurance / aviation liability spike	Med	Med	Pass through in landing fee. Industry pool via Vertiport Operators Association.
Competing aggregator enters LA legacy supply	Low	Med	Speed to options is the moat. 90-day land grab on Tier 1.
Landing fees compress below $30 sustained	Med	Med	Revenue diversification: 5 streams. VaaA + managed services not dependent on landing fees.
Site owner refuses long lease (option expires)	Med	Low	Option fee written off; pursue next-tier sites. Pipeline depth covers attrition.

14.Execution Plan (90-Day + 12-Month)

Days 1–30: Archer outreach + counsel engagement

Approach Archer infrastructure / network planning team with this BP + live dashboard. Goal: NDA + scoping conversation within 14 days. First-pass term sheet within 30 days. The ask is small ($3.4M) and the leverage is high — they have a stalled REEF partnership we can solve.

Engage aviation land-use counsel (Sheppard Mullin, Latham, or Hunton Andrews Kurth) on retainer. Draft the standard site option agreement template.

Retain heliport consultant to verify current FAA status on all 38 SoCal active heliports. Confirms our supply count before we commit option capital.

Days 31–90: Phase 0 land grab

Build ownership lookup for Tier 1 (10 LA sites). LA County Assessor + CoStar + corporate filings. Identify decision-makers for each building.

Outreach wave 1 — Tier 1 (10 sites in 2-week window). NDA → LOI → option agreement. Goal: 6–8 signed options by Day 60.

Outreach wave 2 — Tier 2 (Days 60–90). Periphery sites + corridor connectors. Goal: 12–15 total signed options by Day 90.

Months 4–12: Build-out begins

Convert first 3 options to leases (Sunset-Glendale, Westin Bonaventure, City National Plaza or equivalent). Begin structural retrofit design with Archer engineering.

Approach Tier 3 (EHLF reactivation) in parallel. Begin FAA Form 7480 process where needed for historical-status sites.

First commercial flight Month 12 on Sunset-Glendale or first-completed site. Live ops. Trade press launch.

15.Asks & Next Steps

Three decisions in the next 30 days:

Internal go/no-go on UAM as a distinct vertical — separate from multifamily fund. Greenlight to approach Archer.
Engage aviation land-use counsel + heliport consultant — modest pre-deal cost (~$50–100K) to verify supply count before we pitch Archer.
First contact with Archer infrastructure team — bring the BP, the dashboard, and the $3.4M Phase 0 ask. Their REEF partnership is stalled; this is the moment.

What we still need to confirm before committing to Phase 0

Heliport consultant validation of current FAA status on all 38 SoCal sites — drops to fewer if some are deactivated
FAA pre-application meetings for sites needing modernization filings
Direct conversation with Archer infra team — validate appetite for our partnership shape
Aviation insurance pre-quotes — confirm we can underwrite the operational risk
Legal structure for the LA SPV — Delaware LLC, governance terms, anchor-investor protections

A.Methodology & Sources

Data sources

FAA heliport records via AirNav (May 2026) + FAA 5010 Airport Master Record
LA City Building Code §57.4705 / LAFD Requirement 10 (EHLF rule, 1958–2014)
Operator economic targets from Joby / Archer public disclosures and investor materials
Industry comparables: telecom tower (Crown Castle, American Tower 10-Ks), EV charging (EVgo, ChargePoint), FBO economics (Atlantic Aviation / Signature transactions)
Competitive landscape: trade press coverage of Archer-REEF (Aug 2021), Archer-Hawthorne (Nov 2025), Joby-Reuben Brothers (Apr 2026), Joby-Metropolis (Dec 2025)

Key assumptions

eVTOL commercial service launch in LA by 2026–2027 (Archer / Joby trajectory)
Single-site mature volume: 150 ops/day. Pre-commercial Y1–2 sub-scale
Landing fee market rate $35 (range $25–50). Requires operator negotiation
Site retrofit $3–5M with Archer engineering, $5–10M solo
City rollout time decreasing from 18 months (Y1–2) to 6–9 months (Y4–5) as playbook institutionalizes

This document is exploratory. All economic figures are estimates intended to size the opportunity, not to represent contractual prices, secured terms, or audited projections. Each requires verification through partner negotiation, due diligence, and operator contracting before committing capital. Treat as the starting frame for diligence, not the conclusion.

The Vertiport Stack

Contents

1.Executive Summary

Mission

Vision (10-year)

Operating philosophy

The opportunity in five facts

The Archer-funded land grab — the next 90 days

2.The Permitting Moat

Why this matters

3.Three Supply Lanes

Legacy (existing FAA)

Reactivation (managed services)

New-Build (VaaA)

LA supply growth across all three lanes (5-year projection)

4.LA Network Strategy

Tier 1 — DTLA + Westside (Weeks 1–4)

Tier 2 — Periphery + corridor connectors (Weeks 4–8)

Tier 3 — Historical EHLF reactivation (Weeks 8–12)

Tier 4 — Surrounding areas (Months 3–6)

Site option mechanics

5.Revenue Model & Pricing

Pricing philosophy: enable, don't extract

Recommended rate card (post-sunset market rate)

Three pricing principles

Revenue stack — mature single pad

6.Vertiport-as-Amenity (VaaA)

What we deliver

What we charge

Why developers buy this

Target developer list — LA pipeline

Luxury residential / mixed-use

Class A office

Hotel / hospitality

Retail / mixed-use anchors

Corporate / aerospace campuses

7.Managed Vertiport Services

Why this works for both sides

Service contract structure

8.The Vertiport Experience

What the vertiport is NOT

What the vertiport IS

Partner stack

9.Archer Partnership Structure

The honest competitive picture

The pitch — reframed

Sweetheart launch terms (Months 1–24)

What Archer gets for $3.4M option capital + $40–50M Phase 1 capital

What we keep no matter what

The sunset mechanism

Why Archer signs anyway

10.National Rollout — City by City

11.Unit Economics & Capital Plan

Per-site ramp (mature pad in Year 4–5)

Capital plan — Phase 0 (Land Grab) + Phase 1 (Build-out)

Network-level at Year 5 (~80 sites across 10 metros)

11.5Cash Flow & Capital Development Forecast

Operational ramp — sites live by year-end

Revenue forecast by stream ($M, base case)

Operating expenses ($M, base case)

EBITDA & net operating cash ($M, base case)

Capital deployment schedule ($M, by metro and phase)

Sources of capital ($M)

Cumulative cash position ($M)

What this means in plain English

Return profile by capital tranche

Scenario sensitivity

Key cash-flow assumptions

12.Competitive Landscape (Honest)

What this competitive picture means

13.Risk Register

14.Execution Plan (90-Day + 12-Month)

Days 1–30: Archer outreach + counsel engagement

Days 31–90: Phase 0 land grab

Months 4–12: Build-out begins

15.Asks & Next Steps

What we still need to confirm before committing to Phase 0

A.Methodology & Sources

Data sources

Key assumptions