Bowling Green Area Economic Development Authority Breaks Ground for Speculative Building III

BOWLING GREEN, KY-Officials from the Bowling Green Area Economic Development Authority (BGAEDA), Warren County and the City of Bowling Green, along with members of the Bowling Green Area Chamber of Commerce, the Intermodal Transportation Authority (ITA) and Scott, Murphy & Daniel, LLC, celebrated the groundbreaking of Speculative Building III at the Kentucky Transpark today.

Gaines Penn, secretary of the BGAEDA Board of Directors, said, "A building such as this will be a tremendous asset to the Kentucky Transpark and the South Central Kentucky region. It will serve as a potential location for prospects and as an example of what can be built at this state-of-the-art business park."

More than 70 percent of companies searching for a new location are looking for existing buildings; a speculative building increases the competitive level of a business park like the Kentucky Transpark by offering a readily available building for a prospective company. The BGAEDA is providing the funding for Speculative Building III as a private organization.

The BGAEDA has already seen success with two previous speculative buildings in the Transpark. In economic development, it is common for a speculative building to be carried for up to three years. Both Transpark buildings were sold quickly: Before breaking ground, Speculative Building I was sold to Cannon Automotive Solutions, Inc., and Shiloh Industries, Inc. purchased Speculative Building II just six months after the building's construction was complete. This success is attributed to the competitiveness of these buildings and the business-friendly climate in South Central Kentucky.

"The speculative building will be an excellent location for a prospective company. We know from past experience that companies are interested in these types of buildings, and our economic development professionals have already begun marketing the building to existing and prospective companies, as well as site selectors worldwide," said Brian Mefford, ITA Board of Directors vice chairman.

"We're also grateful for the support of the Bowling Green Area Economic Development Authority, who once again has provided the private funding for a speculative building at the Transpark, which helps the ITA reach its development goals," Mefford continued.

The heavy-industrial-zoned building will meet all standards of the American Institute of Steel Construction. Phase 1 environmental, geotechnical and geophysical reports have been completed.

The building architect is Ken Lasley, AIA; the building contractor for the project is Scott, Murphy & Daniel, LLC with Stewart-Richey Construction, Inc. as a sub-contractor; and the site engineer is Arnold Consulting Engineering & Surveying, Inc. The City-County Planning Commission of Warren County approved the detailed development plan for the project.

"The Chamber is proud to support another exciting project at the Kentucky Transpark," said Rodney Rogers, Chamber Board of Directors chairman. "This speculative building will be an impressive asset to the business park and to our economic development marketing efforts in South Central Kentucky."

The Kentucky Transpark provides a substantial economic impact for the South Central Kentucky region. As of April 2011, nearly 1,000 people were employed at the Transpark with direct and indirect salary totals of more than $30 million and $10 million, respectively. Retail sales increase by $15 million in the region because of the jobs filled at the Transpark.

For more information about the speculative building and the Transpark, contact Chamber President & CEO Ron Bunch, CEcD at 270-781-3200 or ron@bgchamber.com.

About the Bowling Green Area Chamber of Commerce
Incorporated in 1935, the Bowling Green Area Chamber of Commerce is a 5-Star Accredited Chamber by the U.S. Chamber of Commerce and was named the 2009 Chamber of the Year by the American Chamber of Commerce Executives. As the fourth largest chamber in Kentucky, the Chamber serves as a premier business advocate for its more than 1,300 partners and is the driving force for economic development in South Central Kentucky. Its primary goals are to promote growth and success in the business community, reaching its small business partners and those in large industries alike. With leadership programs, governmental relations projects, educational initiatives and involvement opportunities, the Chamber aims to support the community and its neighbors in order to enhance the business climate and continue to grow the region.