X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.