Speculative Building to be Constructed in Ossian, Indiana
Ossian, Ind. – February 14, 2022 – Logan Properties plans to construct a new 30,000 square feet Spec Building on a 5-acre parcel just west of Haldrup USA in Ossian, Indiana. The building will be designed to have expansion capabilities of up to 60,000 square feet. Ossian Town Council approved a reimbursement agreement with the developer at their board meeting Monday night.
Logan Properties will invest nearly $3 million for the purchase of real estate, site improvements, and building construction of the new facility in Ossian’s Park One Industrial Park. The building fills a need to create more speculative space within the community to help facilitate growth of current business as well as the attraction of a new business to Wells County.
“The development team is very excited to partner with the Town of Ossian and Wells County to better prepare for new opportunities in its industrial market,” said Martin Huttenlocker with Logan Properties. “The size range of the proposed spec building is strategically aligned with the market’s high demand and Ossian Park One’s ideal shovel ready site.”
Logan Properties will be constructing a spec building, or speculative building, which is constructed as a lure for industries looking to grow or relocate their operations. Typically, in today’s economic climate, industries delay decisions for expansion. Once the decision to expand is made, communities that offer a move-in ready building are given a higher ranking in the search process.
“The Town of Ossian, its citizens, and the Commissioners of Wells County are glad to partner with a regional developer in the development of the new spec building in the Ossian Industrial Park,” said Ossian Town Board President Josh Barkley. “Through local contractors building this project, this will be a great win for Ossian and Wells County.”
To assist in the construction of the building, the Town of Ossian and Wells County Commissioners, will provide interest reimbursement payments for up to three years.
Construction is scheduled to begin in the fall of 2022 and be completed in early Spring 2023. Bluffton-based James S. Jackson Company has been contracted to assist with the construction of the building. The Bradley Company, Fort Wayne, will market the building on behalf of the developer.
For more information, please contact Chad Kline, Wells County Economic Development, at 260-824-0510, or email@example.com.