New building planned for New Albany International Business Park

Gary Seman Jr.
ThisWeek group
NA Innovation Partners LLC is poised to construct a 130,000-square-foot building at the northwest corner of Harrison Road NW and Innovation Way East.

More industrial usage is planned for the New Albany International Business Park.

NA Innovation Partners LLC, a real-estate company formed by Tenby Partners in Columbus and Oakridge Development Co. in Dublin, is poised to construct a 130,000-square-foot building at the northwest corner of Harrison Road NW and Innovation Way East.

The project is expected to cost $6.75 million and support about 100 employees, according to Michael Loges, New Albany’s economic development manager.

Construction is expected to begin in July and be completed in about a year.

Tyler Ford, founder of Oakridge Development and a partner in NA Innovations Partners LLC, said the company is willing to divide space in the building to a minimum of 26,000 square feet per tenant or lease the entire building to a single user.

“We believe in the location and the business park in New Albany,” Ford said. “Obviously, the industrial market has been strong and the New Albany market is strong.”

The project by the recently founded NA Innovation Partners involves three parcels totaling 10 acres, Loges said.

In December 2020, New Albany City Council gave the project a 100%, 15-year abatement on real-estate taxes. The agreement stipulates that the company will pay a portion of its taxes to the affected school districts, Loges said.

Because the building has not been leased, there are no firm numbers on its financial commitments, Loges said.

The land is zoned limited general employment, so neither a rezoning nor variance is currently necessary, he said.

NA Innovations Partners LLC is trying to lease the space to multiple tenants, Loges said.

“Here in New Albany, we feel we need more of that type of space,” he said. “A lot of buildings here in New Albany are called build-to-suit development … which means one tenant or one occupant in the building and it’s constructed with that tenant in mind.”

“I’m encouraged by the timing,” Loges said of NA Innovation Partners’ development. “It tells me there’s an appetite for this kind of flexible space.”

gseman@thisweeeknews.com

@ThisWeekGary