The Toledo-Lucas County Port Authority board voted Thursday to borrow $3 million to build — on speculation — a warehouse at the former Jeep assembly plant facility now reincarnated as Overland Industrial Park.
“We’re making history. This is the first time we’ve ever done a spec building,” board Chairman Bill Carroll said. Those in attendance voted unanimously.
Part of the construction cost will come from a state loan to bring the total investment to about $5.5 million, port authority President Paul Toth said.
The vacant 110-acre former Jeep property in central Toledo near the I-475 and I-75 split was taken over by the port authority, renamed Overland Industrial Park, and is being cleaned and redeveloped.
Mr. Toth said there is a good possibility that a user will contract for the 100,000-square-foot structure soon and it will be completed to suit the end user. Construction is to begin in the spring.
Matt Sapara, chief operating officer for the port authority, said the area has few available class-A industrial warehouse spaces, or developers involved in erecting such buildings.
The port authority’s building would be the second on the site, after a building being built by Airgas USA LLC, which leased about 7 acres for construction of a 40,000-square-foot distribution center.
The board also OK’d a resolution to contract with Industrial Power Systems of Maumee to build a warehouse at the Ironville Docks in East Toledo that would be served by rail and trucks, and would handle bulk material from ships.
IPS’s bid of $1,345,900 was the lowest of five and is lower than the original estimate, according to board member James Tuschman. The groundbreaking is set for Oct. 21. The Ironville Dock is the former Gulf Oil refinery site.