Greenwood is considering rezoning a plot of land for industrial development on the city’s northeast side.
The Greenwood Advisory Plan Commission sent a favorable recommendation to the Greenwood City Council to approve the rezone of 46 acres to large industrial from commercial.
The request comes from CA Industrial Holdings, a Chicago-based developer with plans to construct two speculative buildings that it intends to rent to logistics companies. One building would be 278,000 square feet and the second would be 429,000 square feet, according to city documents.
The 278,000-square-foot building will be less truck intensive, geared toward light assembly with a higher percentage of office employees, said Eric Prime, a lawyer representing CA Industrial. The larger building will be geared toward distribution.
"I know everybody gripes about logistics, or whatever, but we’re running out of space (in Greenwood) … space like this is kind of at a premium and the market is demanding these uses," Prime said.
CA Industrial already asked for a $2.1 million tax abatement from the city for the project. The city council considered the abatement at its March 15 meeting, and approved it through first reading. The developer plans to invest $40.4 million in the project and would pay $2.5 million in property taxes in the next 10 years, if the abatement is approved.
The rezone request will go before the city council for approval at its April 5 meeting.
