Lauth Group Incorporated intends to invest around US$150 million in converting the huge site of the old Ford Visteon factory on Indianapolis’ east side into a multi-building industrial and logistics campus. According to various real estate insiders, the business plans to expand the 148-acre property at 6900 English Avenue, just west of Shadeland Avenue, into various speculative and build-to-suit facilities totaling up to 1.9 million square feet. The complex would mostly serve logistical and minor industrial purposes. Ford Motor Co., which owns the land in its own name and an allied holding firm, has a contract for an unknown sum on the site.
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The transaction is scheduled to conclude in the first quarter of 2022, subject to due diligence and permitting clearances. Ford has been hunting for a buyer for the land for over a decade, after closing its 1.8-million-square-foot hydraulic steering facility in 2011 and transitioning to electronically driven steering columns. Ford had hoped that a new user would take over the old building, but after failing to obtain an interest in the location, it consented to demolish it. The Indiana Economic Development Corp. has already agreed to offer Lauth up to US$4 million in tax credits for a US$20 million eligible investment in the site by the end of 2022, implying that the building might begin as soon as the end of next year.
Details on the Lauth Group industrial campus project
Hard expenses including purchase, architectural and engineering fees, environmental cleanup, construction management, and permits are examples of qualified investments. Lauth is required to make an initial capital investment of approximately US$57.9 million in the property under the terms of the IEDC incentives agreement, which was finalized in late November, though the firm expects to spend at least US$150 million over the life of the project, according to its contract with IEDC.
