New Albany: Two VanTrust spec buildings underway at business park; 800-plus jobs expected

Ground has been broken on two VanTrust Real Estate LLC industrial buildings in the New Albany International Business Park.

Innovation III is a speculative build of 302,400 square feet on 27 acres. New Albany 525 will be the largest speculative industrial building in the park at 524,524 square feet on 42 acres. Both buildings are expected to be ready for tenants by the end of the year.

Both received a 15-year, 100% tax abatement from New Albany City Council.

Officials with VanTrust said the new buildings will meet the growing demand for high-quality warehouse and manufacturing in and around New Albany.

Employee projections for Innovation III are 260, and New Albany 525 is expected to provide 600 jobs, said Phil Rasey, vice president of development at VanTrust.

“These projects demonstrate the incredible momentum we have in this region” Rasey said in an April 11 news release. “Both buildings provide tenants a variety of spaces, from 50,000 square feet to 524,000 square feet.”

gseman@thisweeknews.com

@ThisWeekGary