The Warren County Port Authority Monday unanimously approved the purchase of nearly 296 acres of state prison land north and east of the Miami Valley Gaming racino on Ohio 63 between Lebanon and Monroe.
The port authority bought the land for $10.3 million and will sell it to developer CFPN Ohio LLC, which plans to build a large logistics center, according to the purchase agreement with the state.
Martin Russell, deputy Warren County administrator and port authority executive director, said the purchase of the unused prison land has been discussed and negotiated for several months. The prison used to farm the 296 acres, but that ended several years ago.
Russell said CFPN Ohio LLC and its parent company Core 5 Industrial Partners LLC reached out to the county port authority to contract the land sale with the state. He said Doug Armbruster of Core 5 had previously worked with IDI in the development of the successful and fully developed 429-acre Park North, which is on the south side of Ohio 63 from the racino. Park North is the home of massive distribution centers such as Amazon, Walmart and Home Depot.
The agreement specifies a 30-day due diligence period and requires the developer to work with Turtlecreek Twp. and the city of Monroe to either develop or expand the current Joint Economic Development District.
Martin said the port authority hopes to have a simultaneous closing with the state and developer in early May.
“The Port looks forward to working with the development community to expand the county’s tax base, increase employment opportunities for our residents and to partner with Turtlecreek Twp. to proactively build out their premier business corridor,” Russell said.
The land was rezoned last year and township officials told Warren County commissioners that the land was one of two economic development corridors the township hopes is developed to help offset the costs of growth otherwise shouldered by its nearly 15,000 residents and other property owners.
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