Park North is also located in an area with property tax abatements, according to Monroe.
Since acquiring the business park through sheriff’s sale in 2012, the developer, Industrial Developments International Gazeley, has followed a process of building a speculative building and leasing it before starting construction on the next one.
Other buildings at Park North include a warehouse and distribution center for catalog and online retailer Cornerstone Services Inc., which leases approximately 351,000-square-feet of a bigger building; and the $50 million, 232,000-square-foot manufacturing plant for auto supplier UGN Inc. with room to expand to about 400,000-square-feet.
Home Depot also operates a 657,600-square-foot Rapid Deployment Center at the business park, although that facility was built by the previous developer.
Additionally, IDI Gazeley started construction last year at Park North on what could be the largest building ever constructed in Monroe, according to city officials. Plans called for construction of a 992,524-square-foot speculative building for about $22.5 million. A tenant has yet to be announced for that space.
IDI Gazeley did not respond to requests for comment Monday on the IDG lease by deadline.