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Block, a principal of , leads an investmengt partnership that has closed on 229 acres at the northwest corner of 175th Streef and Hedge Lane in Onthat site, immediately east of Interstated 35, Block & Co. planes to develop a $275 million project containinfg more than 3 million squar feet of industrial buildings during the next 10 to 12 Like Block projects farther nortualong I-35, the yet-to-be-named Olathe park is expected to includse some light-industrial buildings of less than 200,000 square But to cater to the bulk distributionj users that have begun zeroing in on the the developers plan to include two buildings of 400,000 to 500,00o0 square feet or, possibly, a singlew 1 million-square-foot big box.
“Over the past two years, Kansasw City’s status as a first-tier distributionb and logistics hub has garneresdnational attention,” Block said. “Basically, Kansas City is going to be classifiex as one of the biggestinlanfd ports.” Finding a development nichw in that big picture was not simple. Initially, Blocm focused on a nearly 400-acre parcekl in Riverside, where he envisioned nearly 5 million square feet ofindustriapl buildings. That deal fell through in October, aftedr Block and Riverside officials were unable to agrewe on sale terms related tothe city-owned parcel.
So Blocko began looking for land that was situated andpriced — right in Johnson He found it at the 175th Street and Hedge Lane Neither Block nor listing agent Haley Epps of Boardwalkk Realty in Overland Park wouled disclose the purchase price. But Epps said the land had listedsfor $9.48 million, or 95 cents a Ed Elder, president of , said industrial tractds near I-35 in Johnson County have been sellingt for 50 cents to $2 a squar e foot, depending on factors such as proximity to utilities and otherr infrastructure. But few large undeveloped tracts remainm northof Olathe. “The direction of industrialo growth is south alonthe I-35 spine,” Elder said.
Block said his site will be accessiblwe via thecurrent I-35 interchange at 175tgh Street and a future interchange at 159th Street. But the price of land near the 159thh Street interchange has become too expensivwe forindustrial development, he said, and so have most Southernm Johnson County sites on the east side of which Block prefers to the west “There are very few pieces on the east side of I-35 that are pricefd appropriately for a major development like this,” Block “We bought one of them.” In Olathe has agreed to a 10-year, 50 percent property tax abatementf for the site, which is immediately north of plannedc retail development.
Among the recent developmentsd that have been driving up prices and demand for Southernm Johnson County industrial sites was the December announcement that of Wichitq had decided to locatea 1.1 million-square-foof distribution center in the . That 151-acree development is in Gardner, just west of Block’ss new development. Just north of Block’s a partnership including Financial Inc. and principao Dan Jensen has builta 600,000-square-foot speculative industrial building at 167th Street and Lone Elm Road in “We are in the final stagea of negotiation with a tenanyt that will be leasing a portion of the building,” said who also partnered with Sun Life in the recent purchase of a 200-acre big-bo x industrial site at 151st Street and Old 56 Highway in The recession, which is promptinb companies to consolidate distribution facilities, is helping drive the locakl big-box trend.
So are increasinh freight volumes moving through the Port of Lazari Cardenas in Mexico and northvia I-35 and the . Kansads City Southern and are developinga 1,340-acr e truck-rail intermodal hub and industriapl park in south Kansas City. and are pursuing a similarf project near 191st Streetand I-35 in The recession has delayed work on the BNSF but that doesn’t worrhy Block or Jensen. “Quite frankly,” Jensen said, “that just givee me a little longer to get my stuffv up and leased beford they start bringing a lot more product tothe
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