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Real Estate Expertise
Site Selection
Economic Development
ABOUT THIS PROJECT
MWM Consulting successfully established a strategic relationship between the City of Berea and a developer, paving the way for a 50,000 SF industrial facility with potential expansion up to 92,000 SF. This seamlessly aligns the city's economic growth objectives with the developer's investment plans.
City of Berea
The Industrial Park in Berea, KY has successfully transformed into a vital hub for economic development and job opportunities. MP Kelly Design & Construction recently completed a 50,000 SF speculative building, which has already been leased to a future tenant. With the high demand for such facilities in central Kentucky, the newly constructed building is designed for scalability up to 92,000 SF, allowing for tenant growth. This accomplishment aligns well with the city's ongoing efforts to strengthen its industrial sector. Notable existing industries in the industrial park include Novelis, Hitachi Astemo Automotive Systems America, KI-USA, and Hyster-Yale. Last year, the City of Berea successfully secured $500,000 in state funds to support infrastructure upgrades to further prepare the park for growth.
THE CHALLENGE
The City of Berea aimed to attract high-quality industrial companies to its Berea Industrial Park but was constrained by the absence of readily available buildings. The city wanted to retain decision-making authority on opportunities while needing existing, ready-to product. The challenge was aligning these priorities while establishing trust between the parties.
THE SOLUTION
By leveraging our real estate and economic development expertise, we structured an agreement for the city to sell 10-acres of industrial land to MP Kelly for development under conditions meeting Berea's goals. Understanding the aims of both parties was key to the solution.
THE RESULT
The 50,000 SF facility has been leased to EQI Logistics, a supplier to Hyster-Yale, who is experiencing substantial growth. This addition demonstrates how communities can progress when establishing trust with private developers. Furthermore, MWM’s relationship with Block + Lot real estate played a pivotal role in structuring the lease which ultimately lead to a long-term deal for all parties involved.