FAIRFIELD – Construction could start as early as next spring on a $45 million project to bring additional light industrial companies to Fairfield.
The Chicago-based Brennan Investment Group plans to construct two buildings on a 30-acre site at 8551 Seward Road, creating the Seward Pointe Commerce Park.
“There’s a need right now for more industrial, more commerce, more light industrial space in this area,’’ said Doug Lance, Brennan’s vice president, who works in the Ohio-Kentucky-Indiana region.
“It’s a great location. There’s good labor here, good households here, good amenities. It’s a great city.”
The L-shaped property is adjacent to and behind Takumi Stamping. A 3.4-acre parcel Brennan plans to purchase is now under contract and would provide access to the property off Symmes Road.
“That’s important because that will give them a second access into the property,’’ said Nathaniel Kaelin, Fairfield’s economic development manager.
Total square footage of the two buildings combined would vary between 425,000 and 450,000, depending on the users. One building is targeted for nearly 282,000 square feet; the other 163,000 square feet.
Both would be constructed simultaneously and are expected to be finished by late spring 2023. Bunnell Hill Construction Co. has been hired as the general contractor for the project, Lance said.
Lance said he anticipates users will need anywhere from 35,000 to 150,000 square feet of space. No tenants are under contract.
Marketing efforts will kick into high gear once Brennan closes on the 30 acres, anticipated for early February, Lance said.
Once completed, the two buildings would become part of Brennan’s portfolio which currently includes 44 million square feet of space across 29 states.
Project has tax abatement agreement
Fairfield City Council has approved a performance-based tax abatement agreement through a Community Reinvestment Area agreement. It provides a 10-year, 75% property tax abatement.
It also calls for a payment of 30% of the tax exempted to the Fairfield City Schools and .5% to Butler Tech.
The abatement, Lance said, was one factor – but not the sole factor – in deciding to build in Fairfield. Sites were also looked at in Kentucky and areas to the north.
“The incentive played a big role in deciding to locate here. A lot of people like this location, they like the City of Fairfield,” Lance said.
“There are a lot of amenities – good infrastructure, good access to freeways. The city, this area, really has a lot going for it.”
Under the agreement at least 225 jobs must be created by Dec. 31, 2025, with a total annual payroll of at least $7.875 million.
Should that not happen, the company would be required to make a payment to the city based on the income tax not received because payroll goals were not met, Kaelin said.
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