CAMFIL HVAC Filtration Solutions

Breaking Ground on the US $1 Billion Lakeview Business Park Development

23.11.2020, 20:14

Breaking Ground on the US $1 Billion Lakeview Business Park Development

NorthPoint Development and The Romney Group will soon begin construction of a 19 million SF state-of-the-art mixed use industrial development in Grantsville, Utah.

Named the Lakeview Business Park, the new monumental Class A project is situated on more than 1,300 acres and will be one of the largest industrial business parks to launch in the United States in recent years. The project will commence in November when work starts on a speculative building totaling 506,930 square feet initially – with an option to expand to 1 million SF.

The remainder of the project, for which Cushman & Wakefield is providing brokerage services, will be developed in phases in line with new market demand, and is expected to feature warehousing, office and manufacturing spaces.

Chad Meyer, NorthPoint Development President, says: “We are thrilled to be officially commencing construction on this large-scale, rail served, Class A business park along with the special partnership we have established with The Romney Group.

“Lakeview Business Park offers a great location for tremendous success with the ability to serve any industrial client in terms of size and labor for many years to come. The area boasts a strong local workforce and with nearly 80% commuting daily to Salt Lake Valley would now have the opportunity to work closer to home.”

Josh Romney, President of The Romney Group, adds: “Our goal is to create a long-term, jobs rich business park that will be environmentally friendly and generate tax revenue to enhance the lives of the local community, improve public services and provide much needed tax dollars for education.  We selected NorthPoint as a partner because of our shared core values and long-term commitment to the communities in which we do business.”

The new development is located a stone’s throw from The Great Salt Lake and within 30 minutes of both the renovated Salt Lake City International Airport—which recently opened a new concourse as part of its US $ 4.1 billion phased expansion, and the Union Pacific Intermodal Hub. As part of the vision for the development, an approximately 400-acre portion of the property will be served by rail, with the developers currently working with Union Pacific and the Utah Inland Port Authority to rehabilitate an existing rail line that routes into the park.

Cushman & Wakefield executive director Tom Freeman, SIOR, who is leading brokerage efforts for the project, comments: “This project has all of the best ingredients to be a special opportunity for companies seeking a strategic and advantageous location in the greater Intermountain West, while also providing a successful economic driver.

“Lakeview Business Park is expected to create over 5,000 permanent jobs at full build-out.  With great access to a robust labor pool, close access to Interstate 80 via the area’s newly constructed interchanges, and a large master planned park, a portion of which is rail served, Lakeview Business Park will positively transform the local community and provide unparalleled industrial warehouse, manufacturing and distribution services to the Western US region.”

NorthPoint lays claim to having constructed more industrial square footage than any other developer in the country during the last five years – a claim that is supported by a study undertaken recently by Real Capital Analytics. The company’s business portfolio includes more than 250 industrial clients who are located within 76.5 million SF of developed space across the US. Nearly 59,000 jobs have been created in the development and leasing of this portfolio to date.

CAMFIL HVAC Filtration Solutions

Staff Reporter covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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