INDIANAPOLIS-Publicly traded Duke Realty Corp. has taken down the first 300 acres of a master-planned, 1,700-acre tract of land here that it expects to acquire and build out with a mix of uses over the next 15 years. The Boone County Commissioners gave final approval for the development in August, prompting the locally based office and industrial REIT to exercise its option for the southwest corner of the property, near the interchange of Interstate 65 and State Highway 334. The company has options for the additional 1,400 acres that extend through 2013. Master planned for Duke by Cooper Carrey, “Anson” is a concept that includes office, industrial, retail, medical and residential buildings, and several hundred acres set aside for green space, parks, trails, schools and other civic uses–all the components of a new town. The project will have over three miles of interstate frontage and two interchanges serving the site.Duke Realty’s chief executive Dennis Oklak says Anson is a unique opportunity for the company to develop all of its core product types in a single master-planned community. It also gives the company a stronghold along the I-65 corridor. Anson is about 10 miles down the I-65 corridor from Lebanon Business Park, where Duke has developed more than five million sf of industrial and distribution buildings in the past eight years. In addition, over the past 30 years, Duke has developed some 1,600 acres in Park 100 on the northwest side of the city.Anson will be worth upwards of $750 million upon completion, according to Duke, which did not release the cost of the first-phase land acquisition. Nationwide, Duke owns interests in more than 112 million sf of buildings and owns or controls over 3,700 acres of undeveloped land that could support 57 million sf of future development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.