Developer Banking Big on River RidgePosted: Updated:
Commercial real estate developer America Place is acquiring more land at River Ridge Commerce Center in Jeffersonville. The company says heightened interest from employers looking to bring operations to the area led to the agreement to buy as much as 63 acres of additional land, including two million square feet of potential commercial space. Managing Director Debbie Smith says in the 5-7 years it will take to expand the campus, America Place is set to invest up to $100 million.
February 25, 2015
Jeffersonville, Ind. -- America Place, a leading commercial real estate developer in Metro Louisville, is acquiring more land at River Ridge Commerce Center to meet the growing demand from prospects seeking centrally located manufacturing, industrial and logistics space.
The company's planned purchase was among five land deals approved this week by the River Ridge Development Authority, which is expecting its best year of land sales yet on the 6,000-acre site. The board approved the sale of 175 acres, of which America Place is acquiring about one-third.
America Place has agreed to buy as much as 63 additional acres at River Ridge, bringing its holdings there to about 150 acres of developable property. The additional land will allow America Place to expand its logistics campus under development near the entrance to the new East End Crossing of the Ohio River Bridges Project.
In recent months, America Place has talked with numerous employers seeking to establish operations in the area in anticipation of the 2016 opening of the East End bridge – less than 3 miles from the America Place campus. That heightened interest led America Place to acquire more land where it will build industrial real estate properties to support major manufacturing, logistics and warehousing operations.
"Our company continues to invest at River Ridge because of the tremendous opportunity we see there. The opening of the new bridge will create a new corridor for commerce, shortening the drive from Indiana to East Louisville, Cincinnati and beyond," said Debbie Smith, managing director of America Place.
The America Place campus provides convenient access to the Interstate 65 corridor connecting it to Chicago, Indianapolis and Nashville, the I-64 corridor that leads to key markets such as St. Louis and the East Coast, and Interstate 71 to Cincinnati, Columbus and Cleveland.
"National and international companies need to reach their customers quickly," Smith added. "The America Place campus at River Ridge offers easy access to major interstates, United Parcel Service's largest shipping hub and one of the busiest river ports in the country."
Last year, America Place completed its first building at River Ridge. That 150,000-square-foot facility now houses operations for Tenneco Inc., an Illinois-based company that is one of the world's largest designers, manufacturers and marketers of clean-air and ride-performance products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco's project is expected to bring more than 250 jobs to the area.
America Place currently is building a nearly 253,000-square-foot building that will be completed later this year, and the company will start construction on a third phase of development – a 200,000-square-foot building – this spring. That building will be completed and ready for occupancy by fall.
"We are moving fast constructing these buildings while shoring up plans for continued development of our campus," Smith added. "We see so much potential at this location. It's a great place to do business and will make a fine home for companies that recognize opportunities – like we do."
America Place is a leading commercial real estate company with more than 30 years of experience developing and managing properties in Louisville and Southern Indiana. America Place owns and/or manages more than 2 million square feet of industrial space. It also has developed numerous office and commercial properties through affiliates such as Louisville Public Warehouse and Kaden Cos.
Source: America Place