JobsOhio’s Ohio Site Inventory Program Supports an Industrial and R&D Speculative Development Project

City: Marysville
County: Union County

Project Summary:

• Spec development project type: Ohio Site Inventory Program (OSIP)
  • About: OSIP offers grants and low-interest loans to support speculative site and building development projects with no identified end user.
• Type of Inventory: R&D
• Capital investment: $8.9 million
• Site details: 84,000 square foot multi-tenant R&D building, and an adjacent pad-ready site capable of accommodating a building of up to 112,000 square feet.
• Timetable: Expected completion date of Q4 2021.

The Need:

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 aims 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

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.

Testimonial:

“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. 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.” – Terry Emery, city manager, Marysville 

About the Development:

Southgate Corporation is investing $8.9 million, with help from JobsOhio, which awarded Southgate its Ohio Site Inventory Program (OSIP) grant to offset financial challenges and risk in the market. OSIP ultimately facilitated the search for a developer to build speculative space within 33 Innovation Park.

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.

CLICK HERE to read the full release.

Collaborators:

One Columbus, JobsOhio, the city of Marysville, and Southgate Corporation