Spec Building Planned Near Indy Airport

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INDIANAPOLIS -

A Pennsylvania-based real estate investment management firm is planning to build an industrial spec building near Indianapolis International Airport. Exeter Property Group says it will invest $12 million to build the 366,000-square-foot building, which will be designed for light manufacturing and logistics companies. According to documents filed with the city, the building could bring at least 125 jobs to the area by the end of 2024.

The city's Metropolitan Development Commission has approved a preliminary economic revitalization area designation for the project. The firm is seeking a six-year tax abatement, which is slated for a public hearing and possible vote February 21.

Tom Theobald with Exeter Property Group says the firm bought the site from the Indianapolis Airport Authority at auction in 2015. 

"We re-zoned the property from residential to industrial and decided to build the spec building because market conditions currently support this strategy," Theobald said in an email to Inside INdiana Business. "The industrial vacancy rate in southwest Marion County, particularly Park Fletcher, is very low."

The city says the building, as it is currently zoned, could be used for the manufacturing of clothes, shoes, furniture, consumer electronics, and household items. Exeter plans to have the project completed by the end of 2019.

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