Construction is expected to begin in June on an industrial development near the Interstate 75 corridor
The Opus Group, along with Founders Properties, plans for the 612,730-square-foot warehouse building at the corner of Todhunter and Yankee roads to be completed in May 2019.
The project joins a variety of national and regional businesses that have built or moved into facilities in the immediate surrounding area, turning the region into a growing hub for e-commerce warehouses and delivery expansion.
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“We are excited to build on our presence in the Cincinnati market by working with the city of Middletown to bring a much-needed industrial development to the area,” said Douglas Swain, Opus Development Company’s vice president and general manager. “The leasing velocity in the area demonstrates continued demand for industrial space and regional distribution centers to complement the skilled workforce in the market.”
The project is a speculative facility with no firm commitment from a tenant, Swain said.
“We have had good solid interest from a number of prospective tenants,” he said. “The logical tenant for this type of regional distribution facility could come from a variety of sectors including e-commerce related, as well as consumer product companies.”
Opus has been working on this project for the past 12 months and it is “ideal” for a regional distribution user, Swain said.
“The project location in Middletown with quick access to I-75 allows for convenient access to both the Greater Cincinnati and Dayton marketplace,” he said. “The I-70 corridor to the north offers access to the Indianapolis and Columbus markets as well as 50 percent of the nation’s population within a one-day truck drive.”
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Middletown City Council voted in December to approve a 15-year, 100 percent real property tax abatement for the site.
“The city is interested in projects that will add facilities that we currently don’t have in Middletown and viable job opportunities, which this project accomplishes,” Middletown Economic Development Director Jennifer Ekey said.
Ekey said she is “very confident” it will be filled upon completion.
“It’s in a prime location and with the extension of Yankee/Salzmann Road, it opens up another avenue for access,” she said.
City officials estimated the total cost of investments for the project to be between $16 million and $21 million and would create about 150 jobs with an estimated payroll of $4 million.
Opus’ recent portfolio of work includes more than 5.4 million square feet of industrial developments under construction or completed in the past 24 months nationwide. The project is the latest addition to Opus’ portfolio in the Ohio market, which includes Port Union Commerce Park, a fully-leased two-building industrial project that was completed in 2015 in Fairfield and West Chester Twp.
The development may be used for one or two tenants with flexible features that cater to a range of business functions.