The development firm VanTrust Real Estate plans to start work this year on a 500-acre business park in New Albany to cater in part to suppliers of the two new Intel factories being built next door.
VanTrust, which has developed several other New Albany buildings, is buying the land, located on the north side of Jug Street immediately south of the Intel site, for what will be called the VanTrust New Albany Tech Park.
“The plan is to start earthwork this year. We will have buildings under construction soon after and expect to complete the first by the end of 2023,” said Andy Weeks, executive vice president of VanTrust, which is based in Kansas City, Missouri.
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Weeks said he didn’t yet know yet who — or how many buildings — would occupy the park. He expects the park to be developed over the next few years with a mix of “spec” buildings — those without tenants — and buildings designed for specific tenants. In total, the buildings could reach 5 million square feet.
“We would expect a mix of uses consistent with the type of companies currently located in New Albany International Business Park, but we do expect, obviously, a much higher percentage of companies that focus on supplying the semiconductor industry,” Weeks said.
Weeks said preliminary conversations with prospective tenants have been encouraging.
“We’ve been excited with the amount of interest we’ve received so far,” he said.
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Intel begins construction in New Albany
Intel started work last week on its $20 billion development of two semiconductor factories. The company has said it expects multiple suppliers to set up shop near Intel, including four companies it identified in January: Air Products of Allentown, Pa., and Applied Materials, LAM Research and Ultra Clean Technology, all based in California.
While the new business park development will be called the VanTrust New Albany Tech Park, it will be part of the New Albany International Business Park, where VanTrust has developed eight buildings since 2019 ranging from 250,000 square feet to 768,000 square feet.
“VanTrust has been a dependable partner in the New Albany International Business Park, delivering high-quality development that has attracted businesses that are new to the market, as well as expansions of existing businesses,” said Bill Ebbing, president and CEO of The New Albany Company, developer of the New Albany International Business Park.
“In most instances, VanTrust has leased the spaces before the buildings have been completed,” Ebbing said.