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New warehouse ends drought of spec industrial development

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A four-year freeze on speculative industrial development in Indianapolis ended Wednesday when a developer officially announced plans to build a massive distribution building near Indianapolis International Airport

Construction on the 794,608-square-foot warehouse will begin in the next two weeks in the AmeriPlex Business Park, officials of Atlanta-based Industrial Developments International Inc. said. They hope to complete construction in December.

Initial plans for the building first came to light in February—one of several signs early this year that the halt on speculative industrial development was finally beginning to end.

Other developers, such as Chicago-based Verus Partners Inc. and Kansas City-based Caymus Real Estate LLC, have been working on new industrial developments in Plainfield.

“Market conditions indicate a readiness for inventory development, and we look forward to bringing a state-of-the-art facility to the Indianapolis area,” Doug Armbruster, regional development officer for IDI’s Cincinnati office, said in a prepared statement.

The IDI project is the first to take advantage of the automatic 10-year real property tax abatement, established in 2009 by the City of Indianapolis for World Connect sites at AmeriPlex, envisioned as an eight-building complex on 200 acres.

The World Connect project is expected to increase the tax base approximately $84 million over the 10 years.

IDI has tapped Indianapolis-based Summit Realty Group to market the building to prospective tenants.

IDI already owns more than 20 million square feet of industrial building space and manages a total of 50 million square feet.

 

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