Light Industrial, Office Space join Saxony Mix

Light Industrial, Office Space join Saxony Mix

Light Industrial, Office Space join Saxony Mix

May 12, 2006 – Paraphrased Article from Indianapolis Star

By: Bill Ruthhart

Noblesville added another development project to its budding Corporate Campus on Tuesday.

Verus Partners announced plans to build nearly 200,000-square-feet of light industrial and office space near I-69's Exit 10, the core of the city's 3,600-acre Corporate Campus. The Chicago-based commercial development firm will erect two buildings on the 13-acre site, which is part of the Saxony development.

Saxony is a 725-acre development that straddles I-69 in both Fishers and Noblesville and includes residential, retail and commercial construction. Verus will build on the westside of Bergen Boulevard, just south of the Verizon Wireless Music Center.

The company will break ground on the project this summer with completion slated for next spring. Verus has commercial development projects across the United States and Canada with regional offices in Indianapolis, Calgary and Toronto, in addition to its headquarters in Rosemont, Ill.

Tom Theobald, senior vice president for Verus, said his company has not identified any tenants for the two buildings, which he said could be used for office, light manufacturing or assembly space.

"We are building this on a speculative basis," Theobald said. "But we suspect we'll fill the buildings with businesses that want to locate in the northeast market and perhaps some businesses whose owners or management live in the area and want to locate their business operations a little closer to home."

The Verus project will appeal to business owners who live near Geist and Morse reservoirs and want to work closer to home, said Rick Arnos, president of Republic Development. That Ohio-based company is developing Saxony.

Chris Hamm, Noblesville's economic development director, said the commitment marks the first light industrial project near Exit 10. A few similar businesses have located in the Corporate Campus further west near Cumberland Road.

"Verus provides for us a strong foothold on the beginnings of an industrial base we think is going to grow significantly in that area," Hamm said. "This is an excellent opportunity for us to set that stake at Exit 10."