News release from the Allen County Commissioners:
Missouri Firm to Begin Development in Stonebridge Business Park
Company’s purchase of 40 acres in Allen County business park finalized
(December 10, 2014) â€” A Kansas City development firm is now officially the owner of 40 acres in the Stonebridge Business Park, Allen County’s first-ever shovel-ready site.
NorthPoint Development and the Allen County Redevelopment Commission today signed the paperwork finalizing the transaction. NorthPoint is paying $2.1 million for four, 10-acre parcels near the intersection of Fogwell Parkway and Lafayette Center Road. NorthPoint also has the option to purchase the remaining 84 acres of available property near the General Motors plant in southwest Allen County.
The $2.1 million is the same amount the county had invested in those four parcels, including both acquisition and infrastructure costs. “The County Commissioners, County Council and Redevelopment Commission all take seriously our fiduciary responsibility of spending taxpayer dollars in a most prudent and responsible manner,” said Commissioner Nelson Peters. “We’re pleased with the outcome of this deal since losing taxpayer money was not acceptable.”
“By having the infrastructure in place, the county mitigated the time frame immensely for a developer to come and move dirt,” noted Rich Beck, President of the Redevelopment Commission.
“Having the infrastructure already in place was key a factor in our decision to purchase Stonebridge,” said Chad Meyer, President and Chief Operating Officer of NorthPoint. “We just wish there was more land in the park, as it will be absorbed very quickly.”
The planned expansion of Lafayette Center Road between I-69 and US 24 in Allen and Huntington Counties is also expected to add connectivity to Stonebridge, improving the transportation infrastructure which will help to attract more companies looking to locate operations in Allen County.
NorthPoint Development is a national real estate development, management, and leasing firm that is principally focused on the design, construction and leasing of industrial distribution and modern manufacturing facilities. Previous and current clients of NorthPoint have included original equipment manufacturers and automotive suppliers at similar projects nationally.