Another industrial building may soon be coming to Portage.
Holladay Properties plans to build an 88,500-square-foot industrial flex building in the AmeriPlex development, next to Bass Pro Shops at the intersection of Jensen Drive and Daniel Burnham Drive, near I-94.
Michael O’Connor with Holladay Properties says the building is designed to be adaptable to any use. "Most businesses don't plan far enough ahead to wait for a building to be built for them, so having a space there — we just know there's demand in the market," O'Connor told the Portage City Council on Tuesday.
He said the new building could house up to six tenants and support up to 88 permanent jobs. While it will have enough parking to function as office space, O'Connor said there's currently a bigger demand for industrial use. He said the similar Diversey Building it constructed a few years ago was completely filled within 12 months.
Now, the developers are asking the city for a tax abatement. It would phase in property taxes over a 10-year period.
O’Connor said it would still bring in $975,000 of tax revenue during that time, a significant increase from the $4,000 a year the vacant land brings in now. "Tax abatement has been a real important tool for the city of Portage and for our development to compete and attract businesses to Portage from out of state, from Illinois, from elsewhere," O'Connor added.
The tax abatement will be up for a final vote in September.
