Development, investment escalating at River Ridge

Two construction projects inside the 6,000-acre River Ridge Commerce Center are on track for an early 2015 completion as the River Ridge Development Authority plans its next round of bonds to pay for key infrastructure improvements.

By Marty Finley  –  Reporter, Louisville Business First

Jan 30, 2015

Here’s a look at recent developments:

Warehouse at 800 Patrol Road near completion

CrossDock Development Inc., a Louisville-based industrial and commercial real estate development firm, is On track to finish warehouse space at 800 Patrol Road in River Ridge Commerce Center within the next 90 days.

The space is being developed for light manufacturing and distribution and has been in the works for a few years now.

The building, projected at 668,000 square feet, currently has about 464,000 square feet under roof.

Crossdock’s Lee Wilburn told Business First that his company is spending about $40 per square foot, which would make the warehouse a $26 million project.

He said he has finalized a lease with a tenant to occupy 320,000 square feet when the building is completed. He declined to identify the tenant.

Second building is nearly done at America Place

Keith Starling, leasing and marketing manager for America Place at River Ridge, said the second building in the business park should be finished by April. The 252,000-square-foot building is attracting notice from prospective tenants, Starling said.

America Place quickly filled its first building when Illinois-based Tenneco Inc. leased the 150,000-square-foot building at 800 Trey St. The second building, at 350 Salem Road, is adjacent to Tenneco. (See more on this project on page 28. For more on industrial buildings, see the list on pages 24 and 26.)

Starling said America Place officials hope to sign a tenant for the second building within the next month, which would allow them to build out the interior to suit the tenant’s needs in time to occupy the space by May.

America Place would then quickly begin work on a third building of about 200,000 square feet, which Starling said could be complete by the end of the year. The second and third buildings together will cost about $20 million to construct, he said.

River Ridge will issue more bonds

The River Ridge Development Authority plans to issue about $8.2 million in bonds this year to pay for key infrastructure improvements inside the park.

Most of the money would go to what River Ridge calls Phase 1 Gateway improvements, which will entail $5.2 million worth of infrastructure improvements. The major development of that phase would be a road that loops around a River Ridge entrance off the Interstate 265 interchange that is currently under construction.

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