A joint partnership of NorthPoint Development, a Kansas City-based developer, and real estate investment firm The Romney Group of Salt Lake City has broken ground on an 18 million-square-foot warehouse, manufacturing, office and commercial project in Grantsville.
Named the Lakeview Business Park, the Class A project is situated on more than 1,300 acres and is among the largest industrial business parks to launch recently in the United States The partnership will invest over $1 billion in developing the park, according to a statement from the principals. Construction has begun on the first speculative building totaling 506,930 square feet — and expandable to 1 million square feet. The remainder of the project is being developed in phases at future dates yet to be determined.
“We are thrilled to be officially commencing construction … on this large-scale, rail-served, Class A business park along with the special partnership we have established with The Romney Group,” said Chad Meyer, president of NorthPoint Development. “Lakeview Business Park offers a great location for tremendous success with the ability to serve any industrial client in terms of size and labor for many years to come. The area boasts a strong local workforce and with nearly 80 percent commuting daily to Salt Lake Valley would now have the opportunity to work closer to home.”
“Our goal is to create a long-term, jobs-rich business park that will be environmentally friendly and generate tax revenue to enhance the lives of the local community, improve public services and provide much-needed tax dollars for education,” said Josh Romney, president of The Romney Group. “We selected NorthPoint as a partner because of our shared core values and long-term commitment to the communities in which we do business.”
Tom Freeman, executive director of Cushman & Wakefield, who is leading brokerage efforts for the project, said, “This project has all of the best ingredients to be a special opportunity for companies seeking a strategic and advantageous location in the greater Intermountain West, while also providing a successful economic driver.”