ICP/IRG Team to Complete Progress Park Redevelopment
A joint venture between Industrial Commercial Properties and Industrial Realty Group will redevelop the 392,800 square foot former General Motors building in Moraine, Ohio. This building is the last remaining building in Progress Park with available space.
“Previous success at Progress Park reveals that the demand for a redeveloped heavy industrial building is strong,” said Industrial Commercial Properties’ Senior Vice President of Leasing Dean Miller. “This project will fill a void of speculative investment in Ohio that is focused on manufacturing.”
Acquired by the joint venture in 2011, Progress Park is composed of 386 acres and has helped revitalize the central industrial corridor of the City of Moraine. Progress Park currently is home to nine businesses including major manufacturer, Fuyao Glass America. Progress Park has attracted projects that have created over 2,700 jobs with a payroll over $120 million.
“This project will help fill a gap in the real estate inventory and assist in bringing in-demand projects to Ohio,” said Moraine City Manager Michael Davis. “The focus for this project will provide a resource needed within the manufacturing sector for Moraine’s urban landscape.”
The redevelopment will turn the former GM Paint building into a world-class manufacturing building that is unique for southern Ohio. When completed, the site will be factory ready including: heavy crane-capable structure, 42-foot clear height, significant utility infrastructure, and rail potential.
“The JobOhio Site Inventory Program was launched in 2020 to invest in site preparation and redevelop legacy real estate and property to accelerate businesses’ ability to create new jobs in Ohio,” said J.P. Nauseef, JobsOhio president and CEO. “Redeveloping the former GM Paint Building will create additional, highly attractive manufacturing capacity while continuing the revitalization of Progress Park.”
This project was made possible due to the close partnership between the City of Moraine, JobsOhio, and the Dayton Development Coalition.
“If we want to promote economic development throughout Ohio, we need to ensure that businesses and communities have facilities equipped with the tools and resources that they need,” said Senator Brown. “JobsOhio’s investment to redevelop the old GM Paint building will have a significant economic impact on Moraine.”
JobsOhio approved an Ohio Site Inventory Program (OSIP) grant in support of the Progress Park speculative redevelopment project. OSIP offers grants and low-interest loans to support speculative site and building development projects with no identified end user. The primary goal of OSIP is to fill gaps in Ohio’s real estate inventory with real estate targeting near-term sector wins to ensure our state is more competitive for reactive site selection projects.
“By revitalizing the old GM Paint building in Moraine, JobsOhio has found another way to spark our local economic engine,” said Congressman Mike Turner. “When manufacturers, industry leaders, and elected officials work together, we can expand job and career opportunities in Southwest Ohio.”