With the announcement of Netherlands-based NewCold coming, the Lebanon Business Park has nearly reached capacity.
According to the Boone Economic Development Corp., there are only 127 acres left to develop in the 1,250 acre business park which was established in 1994. Currently, there are 27 buildings and 22 businesses, not counting the latest announcements. It is the only fully-functional rail industrial park in Central Indiana.
The acreage is not together. The two largest parcels are only 10 acres apiece. Two announcements have taken a back seat to the pandemic, but economic development is just as strong as in year’s past.
Last month, Duke Realty announced construction of a 615,000-square-foot industrial facility on spec. It will be completed by next summer.
NewCold is another cold storage and warehousing facility. The global company announced that it will make an investment of $150 million to build a 380,000-square-foot facility.
The plans also call for NewCold to hire 202 people by 2023. Incentives given to the company include $2.8 million from the state and a $9.8 million bond from the city.
“We don’t see deals like this every day,” Boone County Economic Development Corp. Executive Director Molly Whitehead said. “Fewer jobs than we would’ve seen 10 years ago, but significant capital investment.”
Whitehead said U.S. Cold Storage and NewCold is not just a coincidence. She said both cater to the food manufacturers already established in the county and can help the Boone EDC entice more food companies to come to Boone County.
The building specifications call for the building to be 150 ft. tall, making it significantly taller than any other building in the business park, Whitehead said. The facility will also have a tower.
It is expected to be operational by 2022.