Ossian and Wells County officials gathered recently to break ground on a speculative building at 435 Industrial Parkway in the Ossian Industrial Park. The building is being constructed by Bluffton-based James S. Jackson Co.
Developers for Ossian Spec I, LLC, approached Wells County Economic Development about putting up a 30,000-square-foot speculative building on the 7.5-acre site in early 2022. Following negotiations among Ossian, Wells County Commissioners, and the developer, an agreement was approved by the Ossian Town Council on April 6.
“It was really a collaborative effort with the commissioners, the Ossian council, the investors of the project, and the James S. Jackson Company team,” said Chad Kline, executive director for Wells County Economic Development.
A speculative (or “spec”) building is built by developers with the goal of attracting tenants during or after its construction. Developers chose the size of the building due to a market that was not currently being served in the northeast Indiana region.
“Wells County is here to show that we are business friendly and that we want to grow,” said Wells County Commissioner Michael Vanover.
Ossian Spec I, LLC, is expected to invest approximately $3.25 million to construct and complete the building at the site.
“This size of building fits a lot of our local small businesses and growing businesses,” said Conor Jackson of James S. Jackson Co. “The building has the capabilities of expanding up to 100,000 square feet on this property.”
Construction has started on the building. The completion of the shell of the building is scheduled to be completed in February. Completion of the building will take place once a tenant has been secured for the building.
Josh Barkley, president for the Ossian Town Council, echoed comments regarding the public/private partnership this project created. “Ossian is committed to seeing local people being involved,” Barkley said. “Partnering with the commissioners and the taxpayers of Wells County, we are just happy to continue to make Ossian and Wells County a great place to live, work, and play.”
Ossian and the county commissioner have agreed to provide interest costs over a three-year period, not to exceed $250,000, until a tenant is secured for the building. Additionally, the town approved a five-year (100 percent first four years, 50 percent the fifth year) tax abatement request for the building investment at Monday evening’s Ossian Town Council meeting.
