Ace's new $38 million, 778,000-sf plant should be opening in May. Richmond is 280 miles north of Downtown Charlotte.
If the 15-cents-per-acre sounds like a good price, there's plenty more dirt available. Bill Bailey, director of economic development, Prince George County, however, points out the Ace-acquired tract was not perfect.
"The price was actually a little below market because it has about 40 acres of wetlands," Bailey tells GlobeSt.com.
Southpoint, located at the key intersection of US 460 and Interstate 295, has about 1,400 acres left to develop, Bailey says. "It's available in anywhere from five acres to over 100 acres to accommodate all types of buildings and users," he says.
Land costs are lower than at some nearby locations. Another advantage is that the county does not have an inventory tax. "It depends on the inventory, but you can save anywhere from $10,000 up to $100,000 a year," Bailey says.
While Ace's land acquisition here had a lot of wetlands, about 90% of the rest of the industrial park is developable, Bailey says.
He thinks the plant, which will generate about $300,000 a year in taxes and employ about 325 people, has helped spur inquiries about the area.
"When somebody comes in with an investment of $38 million in the community, other businesses take notice," he says.
Most of the park's handful of buildings are user-owned. There is one 130,000-sf spec building that has yet to acquire any tenants, Bailey says. Rates for a 10-year lease are around $3 per sf.
A major advantage for industry moving here and for developers is Prince George's location as a distribution center and its large labor pool.
"We're in the southern part of Richmond, which is more blue collar and more distribution-oriented," Bailey tells GlobeSt.com. "There are more factories here. The northern part of Richmond is more high-tech and white collar."
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
