In this paper, a MEMS tunable capacitor was successfully designed and fabricated using an aluminum nitride film and a gold suspended membrane with two air gap structure for commercial RF applications. Unlike conventional two-parallel-plate tunable capacitors, the proposed tunable capacitor consists of one air suspended top electrode and two fixed bottom electrodes. One fixed and the top movable electrodes form a variable capacitor, while the other one provides necessary electrostatic actuation. The fabricated tunable capacitor exhibited a capacitance tuning range of 375% at 2 GHz, exceeding the theoretical limit of conventional two-parallel-plate tunable capacitors. In case of the contact state, the maximal quality factor was approximately 25 at 1.5 GHz. The developed fabrication process is also compatible with the existing standard IC (integrated circuit) technology, which makes it suitable for on chip intelligent transceivers and radios.