Missouri Company Buys Into Fort Wayne Business Park

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An out-of-state developer has acquired 40 acres in the Stonebridge Business Park in Fort Wayne. As part of the agreement, Missouri-based NorthPoint Development also has the option to buy the property's remaining 84 acres. September 11, 2014

News Release

FORT WAYNE, Ind. - The Allen County Redevelopment Commission announced today that NorthPoint Development has purchased four parcels in Stonebridge Business Park. The 40 acres of land in this transaction is near the intersection of Fogwell Parkway and Lafayette Center Road. NorthPoint Development will have the option to purchase the remaining 84 acres of available property in Stonebridge Business Park.

In 2010, the Allen County Redevelopment Commission purchased this site, near the General Motors plant and Vera Bradley's headquarters, to provide shovel-ready parcels that would assist in attracting new business to the community. After the initial purchase of the land, the Allen County Redevelopment Commission invested over $6 million towards constructing new streets, extending water and sewer lines, and designing a regional storm water system, to eliminate the need for individual lot owners to install retention ponds.

"The Allen County Redevelopment Commission took a proactive approach to investing in this business park," said Rich Beck, President of the Allen County Redevelopment Commission. "The Commission has mitigated the risks associated with a new business locating on a parcel of land through our investment in infrastructure. This will allow NorthPoint to quickly develop the land in a tight timeframe."

Headquartered in Kansas City, NorthPoint Development is a national real estate development, management, and leasing firm that is principally focused on the design, construction and leasing of industrial distribution and modern manufacturing facilities. Previous and current clients of NorthPoint have included OEM'S and automotive suppliers at similar projects nationally. A tenant for the Stonebridge Business Park land purchased by NorthPoint Development will be announced when a lease agreement is secured.

"We expect this project to be a great success categorically," said Chad Meyer, President & Chief Operating Officer of NorthPoint Development. "This park will help realize a global initiative by the automotive industry to make the supply chain more efficient and reliable, while taking hundreds of trucks off the roads and saving millions in logistics costs. The Allen County Redevelopment Commission was right on target with their vision for the park and the infrastructure investment. We plan to start the pre-con engineering and entitlement process immediately, to allow for fast track design, permitting and delivery of the facilities as they are needed. We look forward to being a valuable partner to the community, and working hard to bring substantial investment and new jobs to the region."

"Less than a month ago, we hosted a ribbon cutting at Stonebridge Business Park and already four parcels have been purchased," stated Mark Becker, CEO of Greater Fort Wayne Inc. "This is truly a testament to the efforts and foresight that the Allen County Government committed to four years ago when it decided to purchase the land and invest in its infrastructure to attract new business."

About Greater Fort Wayne Inc.

Greater Fort Wayne Inc. is the new organization that unifies the Fort Wayne‐Allen County Economic Development Alliance, the Greater Fort Wayne Chamber of Commerce, and Leadership Fort Wayne, serving as a single point of contact for economic growth in Greater Fort Wayne. In addition, the Downtown Improvement District is also working toward an affiliation with Greater Fort Wayne Inc. Together, we're growing a more prosperous, vibrant community in Greater Fort Wayne. To learn more about Greater Fort Wayne Inc., visit www.GreaterFortWayneInc.com.

Source: Greater Fort Wayne Inc.