Clay Lacy Aviation will break ground Feb. 12 on a $10 million hangar and terminal project on the last vacant parcel at Van Nuys Airport.

The charter and aircraft-management firm has proposed building 62,900 square feet of hangar and terminal space in three buildings, 20,500 square feet of executive offices and 138,000 square feet of ramp space adjacent to its current operations. The 5.8-acre project includes a display of historical memorabilia, including the first Lear jet flown at Van Nuys.

The hangars would shelter aircraft that Clay Lacy currently keeps on land it subleases from other tenants at the airport, allowing it to consolidate and improve the efficiency of operations.

Expected to attend the groundbreaking are Los Angeles Mayor Eric Garcetti and Councilwoman Nury Martinez, whose district includes the airport, owned by city agency Los Angeles World Airports.

The vacant property, which faces Valjean Avenue and borders the Airtel Plaza Hotel on the south, has long been known as the Retlaw property after Retlaw Enterprises Inc., which is connected to the family of Walt Disney.

In the 1980s, Retlaw signed a 40-year lease on the property for either an office building or a hangar. That lease was terminated because Retlaw failed to obtain appropriate permits and did not have the financing required for the improvements.

In 2001, Los Angeles World Airports once again sought interested developers but rejected all bids a year later, stating it first wanted to complete a master plan for the airport before deciding what to do with the space.

Clay Lacy Aviation received a lease for the property in late 2013.