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Industrial sites: Laying foundations

March 23, 2006

The Economic Development Corporation of Indiana’s Wayne County has been aggressively working to attract future industry to the region and one key component lies in the corporation’s commitment to shovel-ready industrial park sites.

One such example can be seen in Midwest Industrial Park located in the city of Richmond. Midwest, which offers easy access to Interstate 70, is currently home to manufacturing firms such as Delta Entertainment, Safety Zone, Elderlite Express/Osborn International and Innatech. Features such as a Norfolk Southern Railroad spur that provides water retention areas and ready-to-go utilities make Midwest attractive to many companies.

Additional growth is expected at Gateway Industrial Park in Cambridge City. While the park is only occupied by one tenant - Taconic Farms - a total of eighteen firms have looked at the facility in the last year. In addition to Gateway, the former Carpenter and NATCO plants have also recently been acquired and are currently undergoing renovations to make them suitable for industrial or distribution/warehousing use.

Critics of this strategy point to the costs associated with developing shovel-ready industrial park space that might very well sit idle for extended periods of time while advocates argue that in order to attract industry to the region, the space must be available when prospective clients are ready to do business.

The bottom line, according to the plan’s supporters, is that Richmond and Wayne County feature many assets that make the region attractive to future industry. Among these are a skilled workforce, low cost of living, a solid transportation network, top-notch medial and higher education facilities, and close proximity to major markets such as Dayton and Cincinnati, Ohio and Indianapolis, Indiana. Developing shovel-ready industrial parks is one way to capitalize on these features.

This information has been provided by Rhett Baumgartner Commercial Real Estate to keep our clients and customers informed about our company and the Richmond, Wayne County, Indiana real estate market.