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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowReal estate firm Becknell Industrial LLC has proposed a $26 million, three-building development on the northwest side of Indianapolis that would be ready for tenants by early 2015.
The Chicago-based developer said the flex industrial buildings would be built on a speculative basis, with hopes of landing tenants by the end of 2016. When fully occupied, Becknell estimates that property's users would have at least 103 employees making an average wage of $15 per hour.
Plans call for a 266,4000-square-foot building and two 124,000-square-foot buildings at the site at 8401 Bearing Drive. The property is a farm field that hasn't been cultivated since the 1970s.
Becknell is pursuing a 5-year tax abatement on the development from the city that would save it more than $1.4 million. During the abatement period, the company would pay an estimated $963,000 in property taxes.
After the abatement, the developer is expected to pay an estimated $222,000 annually in property taxes.
The Indianapolis Metropolitan Development Commission will consider the incentives at a Wednesday meeting. If approved, they would move to a public hearing scheduled for Sept. 3.
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