JEFFERSONVILLE, IN (WAVE) - The River Ridge Development Authority board of directors has approved the sale of more than 82-acres of land that is expected to bring a major new development and jobs to the region.
The River Ridge Commerce Center will be sold to a national developer of commercial real estate for $90,000 per acre. The deal will generate more than $7 million in funding for further development at River Ridge.
"This is outstanding news early in the year for River Ridge,” Executive Director Jerry Acy said. “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.
There is also a new 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. The improvements are expected to make properties in the area more marketable.
River Ridge is currently 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.
The report also found that River Ridge helped create or sustain more than 16,000 regional jobs, which equates to an estimated $2.3 billion in annual economic output. Those numbers were up from 13,000 jobs and $2.0 billion in economic output in 2017, according to the report.