River Ridge Commerce Center has 5 deals in the works
LOUISVILLE, Ky. (WDRB) -- Five more potential deals are in the works at the River Ridge Commerce Center in Jeffersonville, Indiana, as it continues to grow with new developments moving in.
WDRB sat down with Jerry Acy, the Executive Director of the River Ridge Development Authority, to find out more about the pending deals.
In the middle of our interview with Acy, he had to take an important phone call. One of the potential deals was calling, and he was hoping to ask permission to disclose more information about the deal with WDRB.
That did not happen.
"I'm really not at liberty to disclose, we do have one company, a local company looking at an expansion opportunity," said Acy.
Deals are not finalized, therefore details cannot be released. The River Ridge Development Authority just approved negotiations for five deals involving 175 acres of land.
We do have more knowledge about one of the five deals, the deal Acy said is a local company looking to expand. It involves America Place, a commercial real estate development company.
"We're not flippers, we're not developers and then we move on. We are true property management owners. We love our buildings, we invest a lot of money in landscaping. We want employees to feel good about coming here," said Debbie Smith, managing director at America Place at River Ridge.
America Place already has close to 100 acres and wants to buy about 60 more to bring in big companies. "We are looking for the high level global Fortune 500 companies that should be in Indiana but aren't quite here yet. But they will be," said Smith.
River Ridge already brought in 5,000 permanent job to its center in Jeffersonville, Indiana. There is a 2 acre spot being developed, which is the first commercial area at the center. Acy says it will house a coffee shop, sandwich shop, and a bank.
Prices for an acre of land have gone up. Initial sales were in the $30,000-$35,000 range per acre. Now, it ranges between $35,000-$75,000 an acre.
"The evaluations have changed, as a result of overall economy, demand and obviously east end bridge reality," Acy explained.
The whole center is only 10 percent complete. Acy says it could be 15-20 years before the center is finished. By then, there could be an estimated 50,000 jobs there.
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