PLAINFIELD, IN-Following the trend of successful industrial development along I-70, Lauth plans to build a 7.1-million-sf distribution park at the interchange of the highway and State Road 39. This interchange is just west of the furthest current development in a 25 million sf industrial market, the largest distribution market in the state.
Tag Birge, regional director of Midwest development, tells GlobeSt.com that the total build-out of Westpoint Business Park will cost about $250 million. The park's 10 buildings will be built on 555 acres during the next decade, on property the company just purchased for an undisclosed amount. The location is a natural extension of the market, Birge says. "We want to be at the next interchange," he says. "Another positive thing is that the entrance to the Indianapolis International Airport has been changed from I-465 to I-70."
He says the company will break ground soon on the first speculative building, the 520,000-sf Westpoint One. The cross-docked facility will have 32-foot clear height ceilings, 48 dock doors, on-site trailer parking and expansion capability. It will be completed by third quarter 2008, Birge says.
The 10 buildings will range in size from that of Westpoint One to up to 1.4 million sf, he says. Another attractive feature, Birge says, will be the 10-year tax abatement and TIF opportunities at the park, making it "more affordable than many other new bulk distribution centers in the area." He says he hasn't seen any interest yet in the site, as ground has not been broken. "In this market, you've got to have the product up first," he says.
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