`

Opus seeks tax breaks on $10.9M building near airport

September 15, 2014

Opus Development Co. LLC is planning to build a $10.9 million industrial building on the city’s southwest side, near Indianapolis International Airport.

A tax-abatement request for the project filed with the city last week said the 434,400-square-foot flex industrial building will be built on a speculative basis.

Minneapolis-based Opus expects to finish the building at 5800 W. Hanna Ave. by the end of 2015 and land a tenant by the end of 2016. The facility is likely to attract a modern manufacturing, warehouse or logistics user who will employ 60 or more workers making $15 or more an hour, Opus said.

The facility be built on a 26-acre parcel in a small industrial park known as Airport Business Centre, near Kentucky Avenue and less than a mile from interstates 70, 74 and 465.

Department of Metropolitan Development staff are recommending Opus be granted its request for a property-tax abatement that would save it an estimated $760,211 over a seven-year period. Opus would pay an estimated $1.14 million in property taxes during that time, in addition to current taxes of $44,313 annually.

After the abatement period, the building's owner is expected to pay about $316,700 in annual property taxes.

The request is set for an initial hearing at Wednesday’s Metropolitan Development Commission meeting. If approved, it will go for final approval at the Oct. 1 MDC meeting.

Opus is no stranger to industrial development in the Indianapolis area. The company has developed more than 8 million square feet of space in Plainfield, including more than 11 buildings in Airwest Business park.

 

ADVERTISEMENT

Recent Articles by Jeff Newman

Comments powered by Disqus