LEBANON, Ind. – Meeting the unmet demand for a smaller building footprint, with the intent of attracting a high-value, high-tech manufacturing or research and development company, were motivating factors for the City of Lebanon to break ground on a 50,000 square-foot industrial shell building. The building is located at 1420 West State Road 32, less than half a mile from Interstate 65 and in close proximity to the Lebanon Business Park and the IEDC’s proposed LEAP Lebanon district. Because the building is being constructed as a shell with build-out flexibility, it will be able to be divided into multiple smaller units, or expandable, as needed by the user.
“Smaller buildings like this are in demand by companies but are often difficult for the market to provide,” said City of Lebanon Planning Director Ben Bontrager. “The city would like the opportunity to attract high-growth companies with high-wage employees, with the potential to make a large capital investment within the city. Having this type of building inventory allows us the ability to be able to respond to market needs.”
According to the Boone County Economic Development Corporation, 56% of their leads are from companies looking for an existing building, and 31% of companies are looking for a building size 50,000 square-feet or less.
“Because the City through its Redevelopment Commission owns the building, we can ensure a high-quality tenant,” said Mayor Matt Gentry. “The City’s ultimate goal is to sell the building and recoup the construction expense, which would ensure no cost to taxpayers.”
The City of Lebanon partnered with Runnebohm Construction, krM Architecture, and GM Development to design, build, and finance the Lebanon spec building. It is forecast to be complete in 4 to 6 months.
“Lebanon has become one of the fastest growing markets in the country because of the proactive efforts of the City’s administration, and this project is yet another example of that, said Owner of GM Development Greg Martz. There is always need for 50,000 SF space in markets like Lebanon, but it’s nearly impossible for the private sector to provide an affordable product at that scale. It can only be accomplished through innovative public-private partnerships, and Lebanon is yet again leading the way to solve a problem in the market.”
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About Boone County Economic Development Corporation
The Boone County Economic Development Corporation (Boone EDC) is the economic growth engine for Boone County, Indiana. We build better communities by attracting and supporting business, creating life-enhancing jobs, places, and spaces. For more information, visit www.betterinboone.org.