River Ridge moves forward with development plans

Board quiet on potential tenants

By BRADEN LAMMERS Braden.Lammers@newsandtribune.com

JEFFERSONVILLE — River Ridge Development Authority continued to move forward with plans to prepare a 70-acre parcel of property along Ind. 62 for development.

But they remained silent on potential tenants for the site.

At a special meeting Thursday afternoon, the authority unanimously approved, with board members Kim Matthews and Ned Pfau not in attendance, a development plan for two adjacent tracts of land. The two parcels were the subject of a resolution passed at a previous River Ridge Development Authority meeting which allowed for the properties to be consolidated into one site.

Speculation has been raised that online retailer Amazon.com Inc. is interested in locating a new distribution center on the property. However, no confirmation has been provided by Amazon, River Ridge or any other parties involved that the company is planning to locate its fifth Indiana operation at the River Ridge Commerce Center.

No sale has been finalized on either piece of land, as River Ridge owns the 16-acre parcel, and the adjacent 54-acre tract is owned by Crossdock Development, a Louisville-based company that specializes in developing properties on the order of millions of square feet. Crossdock President Lee Wilburn, who was in attendance at Thursday’s meeting, said the intention is still to combine two lots, and that the land has not been purchased.

Wilburn would not discuss who may be seeking to purchase the property.

The resolution — 7-2012 — that approved a development plan also included language that a potential tenant remain anonymous.

According to the resolution, KTR Property Trust 1, a Maryland real estate investment trust identified as a developer, is in negotiations with River Ridge to purchase the 16-acre piece of land. The resolution continued that the developer is engaged in confidential negotiations with a potential tenant.

KTR Senior Vice President John Bancroft, who also attended Thursday’s meeting, would not comment on potential tenants or site plans.

Despite the lack of information on who may locate in the commerce center, Acy said that once an agreement has been reached, development could start “immediately.”

“We pretty well have done everything except the closing; they haven’t actually purchased the property,” Acy said. “That’ll take place hopefully sometime in the next few weeks.”

He said the purchase price for the 16 acre parcel River Ridge owns is nearly $30,000.

A potential development plan provided by River Ridge Development Authority showed that the 54-acre parcel will contain a building that is more than 1 million square feet in size. The plan also shows designated dock spaces and semi-trailer parking spaces, with 64 truck-loading areas specified. The adjoining 16-acre parcel is designated to be used for parking, according to the development plan. The plan shows up to 2,584 parking spaces that would be available once two phases of parking construction are complete.

Acy said the development plan will also have to go to the city of Jeffersonville for approval.

LINK: http://newsandtribune.com/