New Speculative Building to be constructed in Ossian, Indiana
Ossian, Ind. – September 6, 2023 –
Town of Ossian and Wells County officials gathered on Tuesday, September 5 to break ground at the second Speculative Building being constructed at 1820 Baker Drive in the Ossian Industrial Park. The building is being constructed by Bluffton-based James S. Jackson Company.
The developer, Logan Properties, approached Wells County Economic Development about constructing another 30,000 square feet speculative industrial building after the success the partnership found in its first speculative development last year (Here). The new project, Ossian Spec II, is situated on the adjacent 12-acre site in the Ossian Industrial Park, with expectations of furthering its speculative industrial building program. The Town of Ossian, the Wells County Commissioners, and the developer, formed an agreement for the second project that was approved by the Town Council on July 10, 2023.
“The development team is very proud of what we have accomplished in our partnership with the Town of Ossian and Wells County and couldn’t be more excited about the second project,” said Martin Huttenlocker with Logan Properties. “We now have an even better understanding of the industrial market in Ossian and are prepared to offer best-in-class real estate to local expansion and/or opportunities for new companies to consider the region. We are on a statewide watch list providing a building size that is strategically aligned with the state and local market’s high demand of prebuilt, ready to move in sites.” The developer continues to focus on a building size that is not currently being served in the Northeast Indiana Region.
Logan Properties will invest over $3 million for the purchase of real estate, site improvements, and building construction of the second facility in Ossian’s Park One Industrial Park. The next building will continue to fill a need to create more speculative space within the community to help facilitate growth of current business as well as the attraction of a new business to Wells County.
“Ossian and Wells County have proved that we are not only a small town but a world class community,” said Town of Ossian board president Josh Barkley. “We are here to make it as easy to start a project as possible. We are happy to have Logan Properties, Jackson Construction, and several Wells County based contractors building and investing in the site.”
Construction is expected to start soon on the building. The completion of the shell of the building is scheduled to be completed in January 2024. Final completion of the building will take place once a tenant has been secured for the building.
“Today is proof positive that healthy collaboration between the public and private sectors generates results,” said Wells County Commissioner Michael Vanover. “Teamwork at all levels equals a successful tomorrow for all of our communities and partners. This is an exciting time to live and grow in Wells County.”
The Town of Ossian and the Wells County Commissioners have agreed to provide interest carrying costs over a three-year period, not to exceed $350,000, until a tenant is secured for the building. Additionally, the Town of Ossian will consider a tax abatement request for the building investment at a future meeting.