Another new shell building is planned on the east side of Greenwood, which developers planning to gear the facility toward office space or manufacturing businesses.
Verus Partners, an Illinois-based developer, has proposed building a $6.2 million, 158,000-square-foot shell building on an undeveloped property north of Main Street and east of Interstate 65, according to documents filed with the city.
The developer has requested a 10-year, $1.2 million tax break for the project. Tenants for the building, which could be divided into multiple sections, haven’t been determined yet, but the project is anticipated to employ between 55 and 112 people, the documents said.
During the 10-year period, the developer would pay about $1.4 million in property taxes, the documents said.
The Greenwood Redevelopment Commission voted 4-0 to approve the tax break. Board member Chuck Landon was absent. The Greenwood City Council would also need to approve the tax break.
This would be the sixth shell building project in Greenwood since 2015. If the city council approves the tax break, the city will have given about $8.3 million in tax breaks for similar projects. Shell buildings are not finished on the interior, allowing them to be set up to the specific needs of future tenants.
The need for smaller-sized shell buildings remains high in Johnson County, said Dana Monson, the interim executive director of the Johnson County Development Corp.
“The shell buildings are being filled as they are ready,” Monson said.
Companies look for pre-made buildings when searching for a new location, which speed up the process for them to open their business, she said.
“The level of interest shows the confidence businesses have in their ability to be successful in Johnson County,” Monson said.
The 11-acre site had been originally planned to be developed by the Allen Commercial Group, which aimed to build four warehouse and office buildings at the site.
In 2016, the group asked the redevelopment commission for $250,000 in financial assistance to help fund sanitary sewer extensions, a stormwater retention pond and drainage system, an access drive on the west end of the property and engineering and permit costs. The city board had approved the request, but the Allen Commercial Group had said that they weren’t going to move forward with the project until tenants were identified, redevelopment commission president Brent Tilson said.
Verus Partners will spend $885,000 to purchase the property from the Allen Commercial Group, the documents said.
The developer would like the redevelopment commission to consider providing the same financial assistance for the infrastructure improvements that officials had agreed to for the Allen Commercial Group, Pat Sherman, a local accountant representing Verus Partners, said.
Board members will consider that request at a later meeting, Tilson said.
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Verus Partners, an Illinois-based developer, plans to build a shell building in Greenwood. Here are some details about the project:
Location: 11 acre property north of Main Street between Interstate 65 and Graham Road.
Size of the facility: 158,000 square feet
Jobs: Estimated between 55 and 112
Proposed tenants: Office, manufacturing or distribution companies
Timeline: Construction is set to begin next year in May and finish in December.
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