$30M in co-work development space planned for area cities

Credit: Contributed

Credit: Contributed

An Indianapolis company is planning more than $30 million in commercial development to build structures that will allow new or growing businesses to open their own offices, distribution sites or shops in Lebanon, Riverside and Fairfield.

RISE Commercial District is in the process of buying 9.2 acres from Lebanon in the city’s Columbia Business Park for its first local development.

RISE Commercial District builds the structure and then provides all-inclusive office or warehouse space to build businesses from startup to scale up, similar to an incubator. RISE facilities offer free Wi-Fi, free conference rooms, public restrooms and gross leases (all-inclusive of utilities, dumpster and management fees) with flexible terms,” according to company information.

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Companies typically start with a small space, 600 to 800 square feet, and expand to 3,000 to 4,000 square feet, at the RISE development before building facilities within three to five miles, according to Alison Barber, director of brand development for RISE.

“That’s been hugely beneficial for the communities,” Barber said.

Economic impacts from COVID-19 have prompted some businesses to downsize into RISE facilities, Barber added.

“We’ve actually seen tremendous growth in our company,” Barber said. “We’re looking to double this in 2021.”

RISE is to pay Lebanon $45,000 an acre. The agreement, authorized on Oct. 13, prompts 60-day due-diligence period before the sale is completed.

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The city would help identify tenants for the RISE in Lebanon.

“Through our business outreach and retention efforts, we regularly identify businesses both within and outside of the City who may have expansion needs. We will work closely with RISE to determine if their development may be able to meet those needs,” Lebanon City Manager Scott Brunka said.

Tenants can also take advantage of forklifts and delivery-receiving services overseen by a site manager at the fenced, video-monitored facilities. Business education is also offered.

RISE originally stood for Revolutionary Industrial Space for Entrepreneurs (RISE), but the acronym has since been adopted as the company’s brand name.

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Started in 2010, RISE operates facilities in Gahanna, Ohio; and Castleton, Greenwood, Noblesville, Ind. Others are under construction or in development in Riverside, Lebanon, and Fairfield; as well as Dublin, Lewis Center and Toledo, Ohio; and Fort Wayne, Ind., according to the company.

Officials declined to provide further details on the Riverside or Fairfield projects.

The Lebanon RISE is in a community-reinvestment area, so it would qualify for a property tax abatement. The Warren County Port Authority is also working with the city to assist with the project.

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“Any other city-support would be part of a development agreement, which has not been finalized and is a contingency item within the due-diligence period,” Brunka added.

RISE also looks for state incentives.

“We use Jobs Ohio and various other city incentives to draw us to sites that already fit the demographics and highway access, a few of the characteristics we have learned make a site successful. Lebanon had a shovel ready site, priced well with all utilities on site - a big driver for our development,” Barber added.

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