May 19--In the tiny Madison County town of Ingalls (pop. 1,500), a giant industrial park could stimulate more growth not only in Ingalls but also in the Indianapolis metro area's northeast corridor.
The I-69 Trade Center, a 140-acre development planned by a partnership of Mann Properties and Opus Corp., will have 1.5 million square feet of space for manufacturing, distribution and office space. It is the first joint effort between the two companies.
The developers hope to break ground on the first building before the end of the year. When the park is filled, companies there easily could provide as many as 1,000 jobs to local residents, said John Cumming, vice president of real estate development for Opus North, a regional division of Opus.
"This is geared to companies who want to do business along the I-69 corridor submarket," Cumming said. "There's been an increase in activity in the Indianapolis area industrial market, so hopefully we will be getting under way before the end of the year."
The park initially will provide build-to-suit structures, but eventually some buildings may be constructed on spec, he said. Though it can accommodate buildings of up to 1 million square feet, he said most clients will need a range of 50,000 to 400,000 square feet.
Despite delays caused by negotiations over land-use issues and a large flood plain on the property, the site does have utilities and roads, Cumming said, so that won't hold up construction.
And the developers and leasing agent Colliers Turley Martin Tucker have had inquiries from local and out-of-state companies in manufacturing, automotive and pharmaceutical industries, he said.
The I-69 corridor northeast of Indianapolis could become the next big growth area for transportation, distribution and logistics companies -- an industry that employs more than 90,000 Hoosiers at more than 600 companies, according to the Indiana Economic Development Corp.
Next to Exit 14 off the interstate and on the border of Hamilton County, the park is 14 miles from I-465 and well within driving distance of Fishers, Noblesville and Carmel as well as Anderson.
The park also is adjacent to D.B. Mann's new Summerlake residential community, which includes 844 single-family homes and 350 multifamily units built by C.P. Morgan.
Total investment in the project, including land and construction costs, could be about $75 million by the time it is completed, said Tim Stevens, director of acquisition and development for Mann Properties.
"There is labor available in the area. We think it's a good match," Stevens said. "I-69 is a smaller corridor, but it's a good core area for growth."