Port Authority OKs $25M in bonds for fifth giant building near airport

Chewy Inc.’s new 640,000-square-foot fulfillment center recently opened near the Dayton International Airport. Construction will begin soon on a fifth NorthPoint Development building near the airport. THOMAS GNAU/STAFF
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Chewy Inc.’s new 640,000-square-foot fulfillment center recently opened near the Dayton International Airport. Construction will begin soon on a fifth NorthPoint Development building near the airport. THOMAS GNAU/STAFF

200 new jobs expected at the site

The Dayton-Montgomery County Port Authority Monday approved the issuance of up to $25 million in bonds for a fifth NorthPoint Development building to be built near the Dayton International Airport, a project expected to result in 200 permanent jobs and 50 construction jobs.

The move fuels still more development near the airport, development that in recent years that created more than 2,200 e-commerce and industrial jobs in that area.

NorthPoint buildings already house companies as diverse as Spectrum Brands, footwear company Crocs and Chewy, a pet products company, near the airport.

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As of March this year, projects near the airport had already seen a massive $92.3 million in capital investment.

The planned 521,080-square-foot Class A industrial/commercial facility will be built on 38 acres near the intersection of Dog Leg Road and Union Park Boulevard in Vandalia, near an existing Procter & Gamble distribution facility, according to Port Authority documents.

The project’s value is about at $27.6 million.

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The move creates a capital lease financing structure that will exempt Kansas City-based developer NorthPoint from state and local sales taxes on all materials purchased for the construction project — an estimated savings of $787,500, according to the Port Authority.

“That’s not insignificant by any means,” said Jerry Brunswick, the Port Authority’s president and executive director.

Nationwide, NorthPoint buildings house operations run by Amazon, Ford, General Motors, Staples and other companies.

No tenant for the new Vandalia building has been identified yet, but Brunswick said he expects an announcement of some kind in due course.

Construction will start in the fourth quarter this year and is expected to be complete by the fourth quarter a year from now.

The Port Authority will hold title to the project and will finance, construct and lease the project to partner Newco on a capital lease basis for at least five years.

Across the country, NorthPoint has been the developer of 15.6 million square feet of industrial space housing 46,500 current or expected jobs.