And the market for Class A industrial distribution spaces like Al Neyer is planning, said John Bumgarner, senior vice president of Business Development for the company. “
“The industrial distribution space is very strong and it’s a good time to bring this product to market,” he said.
Fairfield Development Services Director Greg Kathman said it was a company decision by Duke Realty to not sign the development agreements in 2018 already passed by the city and township At that time, the market was soft “and they thought it was going to be a multi-year project.”
“They basically had a limit of how much land they could hold for future development,” he said. Duke Realty was looking at holding nearly 150 acres of land at that time.
Though this project is in Fairfield Twp., within the city of Fairfield, nine projects have been announced or are underway totaling $175 million-plus of investments.
While the road will be maintained by the city after the project is completed, Al Neyer will conduct a traffic impact study to determine what roadway improvements are needed.
The city, township, and the developer have negotiated a Development Agreement, which will allow:
It’s anticipated Fairfield Twp. will have a tax increment financing agreement with Al Neyer, and will have a schools compensation agreement with Fairfield City Schools and Butler Tech.
“Based on the projected square feet, the development could create at least 425 to 725 new jobs within three years of completion of construction,” said Fairfield City Economic Development Manager Nathaniel Kaelin. “Anticipated future payroll is estimated to exceed $14.87 million to $25.37 million.”