The office building will be the first to be constructed in 20 years in the city, says Bryan Beltrand, vice president with NAI Welsh. The firm represented ING Direct in the lease for the building. Beltrand tells GlobeSt.com that he cannot divulge information about the lease rate, and says it would be hard to compare the lease at the new four-story building to other facilities in the area.
The groundbreaking for the property was held Feb. 21. Kraus-Anderson is handling the construction of the building, which will feature a cyber café and a fitness center on the ground floor. The city is building a parking ramp next to the facility. The new building, designed by Pope & Associates, should be open by the first quarter of 2008.
NAI Welsh says the building is a Job Opportunity Building Zones project, which will earn it local and state tax exemptions. "(The exemptions) allow us to compete with other states on a more equal level," says Bruce Thielman, executive director of the city's Housing and Redevelopment Authority. "This program allowed us to compete with the state of Delaware, which dos not have a state income tax for corporations." ING is based in Wilmington, DE, with another office in southern California, Beltrand says.
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