Speculative Development Breaks Ground at 33 Innovation Park with $8.9 Million Investment
Columbus, Ohio – Southgate Corporation, a real estate company that develops first-class industrial and commercial space, broke ground on a speculative development at 1100 Innovation Way in Marysville, Union County, Ohio. Site readiness work for the $8.9 million project has already commenced, with an anticipated completion date of Q4 2021.
Located within Marysville’s 33 Innovation Park, the development will be comprised of 84,000 square feet of multi-tenant Class A industrial and R&D speculative space at 1100 Innovation Way, as well as an adjacent pad-ready site that can accommodate a building of up to 112,000 square feet. Southgate has hired Dublin Building Systems as its general contractor, which recently broke ground on the state-of-the-art building.
“Southgate is very pleased to have this opportunity in the Marysville community,” said Rob O’Neill, President and Owner of Southgate Corporation. “This new development would not be possible without the incredible support we received from the community, One Columbus and JobsOhio.”
In 2016, the City of Marysville acquired a 206-acre property and invested over $7 million to develop 33 Innovation Park. Working closely with Lee and Associates, which is brokering the park, the City’s goal is to capitalize on the rapid growth of the US 33 Smart Mobility Corridor and to attract business expansions from target industry sectors, including manufacturing, technology, research and development, agriculture technology, aerospace and advanced mobility. In July, JobsOhio launched a new Ohio Site Inventory Program (OSIP) to fulfill the State of Ohio’s need for speculative site inventory, which ultimately facilitated the search for a developer to build speculative space within 33 Innovation Park. OSIP offers grants and low-interest loans to support speculative site and building development projects with no identified end user, which is particularly important given that companies frequently make site selection decisions without having the capital or time for a built-to-suit project.
Understanding a less than 2% industrial space vacancy in the community, the City identified and partnered with the Southgate Corporation to develop the first speculative multi-tenant industrial building in the Park. Southgate Corporation is investing $8.9 million, with help from JobsOhio, which plans to assist Southgate with an OSIP grant to offset financial challenges and risk in the market.
“As major manufacturers, research companies and other key industries choose Marysville for strategic business expansions and relocations, 33 Innovation Park will help us address our urgent need for real estate that can quickly accommodate high-value projects with high-impact investment and jobs to our Region,” said Terry Emery, Marysville City Manager. “We want to thank all of our partners, including JobsOhio, One Columbus and Southgate Corporation, for helping our community bring this impactful project to life.”
Union County is the second fastest-growing county and has the fastest growing housing market in Ohio with nearly 60,000 residents. It has a diverse workforce, a low cost of living and conducting business, and is serviced by three career and technical schools. Some of Union County’s most notable companies include Honda, Honda R&D, Nestle, Scotts Miracle-Gro, Parker Hannifin, Continental, Select Sires and the Transportation Research Center.
“This new site is in the heart of the US 33 Corridor, which will make it even more attractive to innovative companies that want to be near their customers,” said J.P. Nauseef, JobsOhio president and CEO. “Through the Ohio Site Inventory Program, JobsOhio and its partners have more tools to attract businesses and create new jobs.”
About Southgate Corporation
Southgate Corporation is a recognized leader in industrial development throughout the central Ohio marketplace. In more than 50 years of development, Southgate has developed over 6 million square feet of manufacturing space comprised of 56 buildings. Southgate has the expertise in all aspects of industrial development, including land development, speculative buildings and build-to-suit construction. Southgate’s primary focus is developing first-class industrial buildings from 50,000 square feet to 150,000 square feet. Southgate provides a full-service turnkey process, and the award-winning developments are a testament to the quality of the industrial developments.
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow the company on LinkedIn, Twitter and Facebook.
About One Columbus As the economic development organization for the 11-county Columbus Region, One Columbus’ mission is to lead a comprehensive regional growth strategy that develops and attracts the world’s most competitive companies, grows a highly adaptive workforce, prepares our communities for the future, and inspires corporate, academic and public innovation throughout the Columbus Region. One Columbus expertly guides companies through the location decision process. Through strategic business outreach and customized research, the One Columbus team leverages public, private and institutional partnerships to grow the Columbus Region’s economy and strengthen its national and international competitiveness. Funding is received from more than 300 private organizations, local governments, academic institutions and JobsOhio. Learn more at ColumbusRegion.com.
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