More than one hundred people, including Kansas Governor Laura Kelly, gathered with Johnson County Government and its partners to celebrate the start of construction with a groundbreaking event today. The groundbreaking was attended by county dignitaries as well as construction, design and business partners, including VanTrust Real Estate as the master developer and CBRE as the leasing partner for the project. This economic development is expected to bring more than 4,200 new, permanent jobs over 10 years.
– EVENT DETAILS –
In addition to Governor Kelly, speakers included:
· Ed Eilert, Chairman, Johnson County Board of County Commissioners
· Brad Weisenburger, Chairman, Johnson County Airport Commission
· Rich Muller, Executive Vice President, VanTrust Real Estate
· Aaron Otto, Executive Director, Johnson County Airport Commission
The economic development at New Century Commerce Center is a partnership with Johnson County Government and; VanTrust Real Estate as the master developer. The team of Michael Mitchelson and Austin Baier of CBRE will market the development.
“The project is important for all of Johnson County,” said Ed Eilert, chairman of the Johnson County Board of County Commissioners. “Thousands of jobs will be created over the next decade helping to boost the economy and provide economic opportunities for generations to come.”
Following the groundbreaking, construction is set to begin on approximately $15 million worth of public infrastructure that will serve both the New Century Commerce Center and the surrounding area. Improvements include streets, water, stormwater, streetlights, wastewater and dry utilities to support this economic development project.
The first phase of the New Century Commerce Center was approved for two speculative buildings totaling over 1 million square feet of available space, located at the southwest corner of 159th Street and 56 Highway, with direct access to Interstate 35. Building A is a rear load, speculative build of 333,365 square feet on 22 acres. Building B1 will be a cross dock speculative build at 752,400 square feet on 50 acres. Both buildings will be complete by the second quarter of 2023. The construction and design team include Brinkmann Construction, Olsson for civil engineering and GBA as the architect.
“We are excited to be a part of this impactful development, and encouraged by the level of interest being shown by the market,” said Justin Duff, Senior Director of Real Estate Development at VanTrust.
The multi-modal park is proximate to a strong labor force and ideal for warehouse, logistics and advanced manufacturing industries. This property represents VanTrust’s return to the Southwest Johnson County Submarket.
“The supply of large industrial spaces in our market is very low due to accelerated online shopping habits, a corresponding jump in product returns that require additional storage space, and a shift from just in time (JIT) inventory management to greater stockpiling of goods,” said Michael Mitchelson, Senior Vice President.
Background on New Century Commerce Center:
The New Century AirCenter is located on the site of the former Olathe Naval Air Station created from Johnson County farmland that was purchased for $72,343 in January 1942 with the start of World War II. The Johnson County Airport Commission acquired the site from the Navy in 1973. The name was changed to the New Century AirCenter in 1994. The more than 4,150-acre AirCenter and Commerce Center complex currently has more than 60 multi-national companies calling New Century home with over 5,000 private-sector employees. The economic impact was estimated at nearly $1.3 billion by the County Economic Research Institute in Overland Park.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and developmental services. Please visit our website at www.cbre.com.