INDIANAPOLIS— Industrial Developments International’s (IDI) Cincinnati office will develop a 794,608-sq.-ft. building at AmeriPlex Business Park, adjacent to the Indianapolis International Airport.
The, which will commence in the next two weeks, will mark the first new industrial building in the greater Indianapolis market since 2008 and will be the largest industrial building in Marion County.
"Fruition of this development is greatfor Indianapolis and a terrific fit for AmeriPlex," Indianapolis Mayor Greg Ballard said in a statement. "We have worked to market the outstanding real estate at the business park, and IDI's decision to develop this space is ideal not only for the company but logistically for the kinds of businesses we aim to land here."
IDI World Connect Building 1 at AmeriPlex Business Park will be located at 6161 Decatur Boulevard in Indianapolis. The building is being designed to meet LEED specifications set forth by the U.S. Green Building Council, and is expected to deliver in December 2012. Characteristics of the facility will include significant office entry features, skylights and extra wide 60-ft. structural bays.
"Market conditions indicate a readiness for inventory, 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 statement. "The park's location next to the airport makes it a prime logistics hub, and we look forward to serving the needs of our future tenants in Indianapolis."
The IDI project is the first to take advantage of the automatic 10-year real property tax abatement, first established in 2009 by the City of Indianapolis for World Connect sites at AmeriPlex. World Connect is an eight-building logistics and flex space spec project located on 200 acres on the city's southwest side. Upon initial approval, the World Connect project estimated an increased tax base of approximately $84 million in assessed value over the 10-year period.
Develop Indy, Indianapolis' localorganization, will work with Cushman & Wakefield/Summit Realty Group, the listing agent for IDI, on efforts to lease the property.