The Allen County Board of Commissioners, Allen County Council, Allen County Redevelopment Commission, and Silverado Hagerman Properties announced Oct. 8 a partnership to construct two 150,000-square-foot shell buildings on property in southwest Allen County.
In 2018, OMD Holdings/Silverado Properties purchased more than 148 acres of land south of the county’s Stonebridge Business Park and had it rezoned to General Industrial and Agricultural. Of that, 26 acres were sold to Auto Truck Group for the construction of a 72,865-square-foot facility that was completed in 2019.
Silverado Properties envisioned the remaining acreage for additional industrial development and approached the county in March 2020 with its plan for shell building development.
The shell buildings, to be constructed concurrently, can each be expanded by an additional 75,000 square feet. The buildings will be constructed by The Hagerman Group, a fourth-generation, family-owned construction company with offices in Fort Wayne and Fishers, and Louisville, Kentucky.
The Board of Commissioners is providing reimbursement of the interest portion of carrying costs on the shell buildings for up to two years. County Council is scheduled to consider at its October meeting a 10-year tax abatement on the shell portions of the buildings which are estimated to cost a total of approximately $16 million. Council members will also consider giving the Redevelopment Commission approval to enter into a lease and loan agreement for the carrying cost reimbursement.
“Allen County continues to grow commercial development,” said the Board of Commissioners. “The county is constantly interested in partnerships to foster that growth.”
“Silverado Hagerman Properties is pleased to be adding to the inventory of quality buildings in Allen County,“ Co-Manager Todd Ramsey said in a news release. The market for shell buildings in Allen County has been established over the past several years, and we’re excited to begin fielding inquiries from potential end users.”
This is the second shell building partnership for the county. In 2017, the county partnered with PB Development, LLC on a 100,000 square foot shell building at the northwest corner of Fogwell Parkway and Lafayette Center Road. That building was leased earlier this year to All Terrain Conversions, which relocated its operations from Markle.