The buyer is Industrial Commercial Properties LLC, which has been involved in several projects in the Dayton area over the past two decades. A 400,000 square-foot facility, as mentioned in the contract, would be double the size of a Walmart Supercenter.
“We’re interested in the property just for general development,” said Dean Miller, a senior vice president for ICP, which also owns office buildings in the 1,250-acre Miami Valley Research Park in Kettering and Beavercreek.
According to the research park’s website, there are 22 buildings developed on 450 acres with 2.2 million square feet of space that serves 4,400 employees from 44 companies, including advanced technology companies and organizations involved in research, prototype development and the application of technology to products or services.
“We have a working relationship with Kettering and are familiar with the site,” Miller said. “We’re looking at the potential for developing something new in the research park.”
He said the project “won’t be speculative” but that there is not a client identified and he would not comment on whether ICP is in talks with a potential user for the site.
The purchase price for the property would be $55,000 per acre — or about $1.32 million based on 24 acres. Any construction would likely be built in phases.
ICP will share more information with the city as they progress with their plans, said Kettering Assistant City Manager Bryan Chodkowski.
“For where we are in the process, we are very comfortable with the terms and conditions at this point in time,” he said.
As part of the agreement, ICP will deposit $25,000 into escrow. The option contract will be good for one year but can be extended by nine months for an additional $25,000 escrow payment. If the property is not purchased, escrow funds would go to the city.
The property ICP has taken an option to buy is open farmland on the south side of Research Boulevard, bordered by the Bataan Drive neighborhood to the west, and the Eastman Kodak property to the east.
Much of the development at the Research Park in recent years has been on the opposite side of Research Boulevard, including the Resonetics facility and Solvita’s blood and tissue operations. Construction also is underway there for the Dayton Regional STEM School elementary building.
A conditional use permit was approved for 264 market rate apartments at County Line Road and Research Boulevard, and Solvita tissue bank recently pulled construction permits for “Project Sol Array.”
Chodkowski said the solar farm will power the tissue graft production facility at 2900 College Drive in the research park in Kettering.
In the Beavercreek portion of the research park, Dayton’s Woodard Development plans to build two 62,500-square-foot buildings in two phases on 12 acres at the northwest corner of Grange Hall Road and Research Boulevard, with the first phase underway.
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