Jason Bria, director of office and industrial development, says the firm has closed on TIF bonds to begin $5 million in infrastructure improvements to the 555-acre site. The work will include the construction of new roads, mitigation of wetlands and the installation of utilities, as well as a sanitary sewer connection to the Monrovia Treatment Plant.
The company was poised to start building a 520,000-sf facility, to be dubbed Westpoint One, late last year. However, Bria tells GlobeSt.com that it's actually better that the company held off. "With the economy and modern bulk inventory the way it was, it didn't make sense to put up a new building, but it turned out to be a good call," he says. "At the beginning of 2008, there was nine million sf vacant in the Indianapolis market, about 17-18%. Now, it's dropped close to seven million sf available, with the rate closer to 11%, and there's been significant leasing activity."
He says the firm changed the design of Westpoint One somewhat, changing it to 540,000 sf and expandable to more than one million sf. There's already been some interest in the building and the park, Bria says. "We've responded to some RFP's, and have pending proposals, though nothing signed yet," he says.
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