A developer has filed plans to construct the first two of eight planned buildings in a $113 million industrial park under development in Whitestown.
Park 130 at Whitestown, formerly called GreenPark, has been staked out as a 169-acre industrial park intended for warehouse facilities, located north of Whitestown Parkway and west of Indianapolis Road near exit 130 off Interstate 65.
Carmel-based real estate firm Lord Realty Holdings LLC has filed a development plan with the city of Whitestown to construct the park’s first two buildings, which together would cost $28 million. They would be speculative buildings, meaning the developer would construct them in anticipation of signing tenants but without a major user already committed. The plans went before the Whitestown Plan Commission last week.
Plans show the park eventually will hold up to eight buildings, ranging in size from 10,000 to 717,600 square feet, adding more than 2 million square feet of developed office and logistics space. The entire park is expected to be complete by spring 2027.
The two partners in developing Park 130—Lord Realty Holdings and Indianapolis-based Strategic Capital Partners—say development of the industrial park will come in two phases.
The first phase deals with about 33 acres of land, where Building 1—168,480 square feet—and Building 2—355,320 square feet—will be built. Both buildings will have office and distribution space.
Construction on the speculative buildings is expected to begin once the town approves the development plan and is expected to be complete in 2019. The developer hopes to have tenants moved into the facilities by no later than 2020, according to documents filed with the town.
Altogether, the developers expect to spend more than $113 million on the project, according to documents filed with the town. As many as 980 new jobs could be created as part of the project.
The town has approved an up to $4 million bond to be paid back with money generated from a tax increment financing district established for the project. The town has also approved a 10-year tax abatement for phase 1 of the project which will save the developers $2.9 million over 10 years. They still will pay $3 million over that period.