Jones Development Planning Six-Building, $70M Industrial Development called the East Indy Exchange
January 19, 2021
Indianapolis Business Journal:
An out-of-state developer plans to spend about $70 million to develop a six-building industrial park on the east side of Indianapolis.
Jones Development Co., a Kansas City, Missouri-based firm, plans to spend five years transforming a 121.7-acre agricultural site at 9700 E. Rawles Ave. into the East Indy Exchange.
The development is expected to include six buildings, several retention ponds and investments in pedestrian accessibility. Jones is overseeing the project through holding company EIX Partners LLC, which lists a Jones executive as its only principal.
When it’s finished, East Indy Exchange is expected to be anchored by a 906,000-square-foot building occupying the western half of the property on about 70 acres. Another five industrial structures are planned for the eastern portion of the property: one at 141,000 square feet, one at 130,000 square feet, another at 116,500 square feet and two at 48,400 square feet.
These buildings would be developed over five-year period, and would be leased to light manufacturing, assembly, distribution and/or office-warehouse businesses.
EIX has requested nearly $6 million in tax breaks from the city of Indianapolis for the development, according to filings with the city’s Department of Metropolitan Development. The city’s Metropolitan Development Commission is expected to consider the request on Wednesday afternoon.
EIX has agreed to target “opportunity industries” as tenants for the project, defined as business sectors that provide opportunities for worker advancement without requiring a bachelor’s degree. It also plans help eliminate transportation barriers to job access for east-side residents.
This includes spending about $100,000 to construct a multi-modal, public path along the west property line that connects to the Pennsy Trail. Additionally, about $125,000 would be spent on a pedestrian network within the site’s bounds.
Jones Development could not immediately be reached for comment. In. 2019, it began developing a massive, 2.4-million industrial park in Whiteland.