Includes build-to-suit facility
COVINGTON, Ky. (May 23, 2016) — The Cincinnati/Northern Kentucky International Airport (CVG) is launching two new land development initiatives that will continue building its strategies for revenue diversification and growing economic development opportunities.
New projects:
- Build-to-suit facility: CVG will enter into a lease agreement with Paul Hemmer Company for development of a build-to-suit facility for Bosch on approximately 10.93 acres of land. The term agreement is for 49 years and 11 months with a minimum capital investment of $4.5M. The project is anticipated to be completed by April 2017.
- Commercial warehouse distribution facility: CVG will enter into a lease agreement with Dermody Properties, LLC for development of a commercial warehouse/distribution facility on 22 acres of land. The term agreement is for 49 years and 11 months with a minimum capital investment of $8M. The project is anticipated to be completed by April 2017.
“The geographic position of CVG is a highly desirable and strategic location for land developers,” said Candace McGraw, chief executive officer, CVG. “These projects create win/win/win opportunities for the airport, the community and developers. The airport receives new revenue streams, which lowers the cost of operations for airlines and tenants, the community sees job growth and economic development, and developers have access to over 75 percent of the U.S. population within 600 miles of the airport.”
Part of CVG’s current five-year strategic plan includes land development with a goal to lease approximately 350 acres of land for development by 2021.
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