The Whiteland Town Council has approved a tax abatement for a 450,000-square-foot speculative warehouse building.
The Daily Journal of Franklin on Tuesday reported Cincinnati-based Uptown Commercial Partners plans to invest nearly $29 million to build the facility on a 40-acre site just east of the Graham and Whiteland roads intersection, and west of Interstate 65.
The property is the former home of Maschmeyer’s Nursery and was rezoned last year from agriculture to industrial. The publication said the 10-year real property tax abatement will save the developer more than $4 million.
About $3.9 million in real property taxes will still be paid over the abatement period, as opposed to $11,500 in taxes if it goes undeveloped, the town said.
An attorney representing Uptown Commercial Partners told the council the developer does not have any tenants under contract, but several companies have expressed interest in the facility.
According to documents filed with the town, construction is expected to begin in May and be complete by next spring.
The Daily Journal reports the tenant selected for the facility could make an estimated $10 million in additional investment to suit the building to its needs.