JEFFERSONVILLE — Work is bustling at River Ridge, with the Tuesday announcement of the sale of a large chunk of land being the latest action at the commerce center in Clark County.
The River Ridge Development Authority board at its monthly meeting approved a resolution to allow Executive Director Jerry Acy to complete the sale of more than 82 acres to a national developer of commercial real estate, which is expected to bring more jobs to the region.
With a sale price of $90,000 per acre, the deal would generate more than $7 million in funding for further development at River Ridge, according to a news release from the commerce center.
Tuesday's action comes on the heels of DENSO Products and Services Americas, Inc., announcing plans last week to lease approximately three-fourths of a new 426,118 square-foot building at River Ridge.
Acy would not reveal the developer's identity Tuesday, pending the signing of a sales agreement, but did note that the developer has built and leased a prior facility at the commerce center.
“This is outstanding news early in the year for River Ridge,” Acy stated in the release. “This deal will bring another major development to the park that will create jobs and generate new tax dollars for our communities and the state. We are excited to see them get started on the real estate development.”
According to the sales agreement, the developer will construct one or more industrial warehouse and distribution buildings with a total footprint between 500,000 and 1.5 million square feet. The buildings will be located on land along Paul Garrett Avenue, International Drive and River Ridge Parkway.
It's the latest in a string of developments at the commerce center.
At its January meeting, the River Ridge Development Authority board approved the following contracts:
• A $818,476 contract with Wooldridge Homes for a pending phase IV demolition project. The project will include site preparations on land near Charlestown and continue the removal of former production facilities abandoned by the U.S. Army. This contract will bring the Authority’s total investments to remove the former Army structures in the north end of the park to approximately $5.5 million.
• A $401,101 contract with Duke Energy to relocate an electric utility pole, as well as overhead utility lines located on Trey Street, Safety Street and Eighth Street. This will remove the last remnants in the south side of the park of the Army’s old, electrical distribution system. Its removal will allow construction of underground, electrical lines and demolition of a former Army storage building.
In total, River Ridge is home to more than 50 businesses employing nearly 10,000 workers. A 2018 economic impact study found that businesses at River Ridge generated more than $39 million in local and state revenue in 2018.
OTHER BOARD ACTION
Additionally, the board voted Tuesday to award a construction contract to expand International Drive. Louisville Paving Co. was awarded a $1.5 million contract to widen the road, from Hilton Drive to Corporate Drive, to three lanes with curb and gutter, according to the release. The improvements are expected to make properties in the area more marketable.