Wednesday, November 28, 2018

Trammell Crow Building 1M SF Spec Industrial in Scranton Opportunity Zone

by Steve Lubetkin,
Trammell Crow Company has purchased a 90-acre site in the Valley View Business Park from the Scranton Lackawanna Industrial Building Company, for construction of Valley View Trade Center, a new, one million-square-foot speculative distribution facility. SLIBCO is the industrial development affiliate of the Greater Scranton Chamber of Commerce.

“We are very pleased that a renowned developer like Trammell Crow Company has chosen to invest in our region—with our quality workforce, prime location and access to major markets— to create jobs and address the demands of the growing e-commerce industry,” says Bob Durkin, president, The Greater Scranton Chamber of Commerce. “We thank Jessup Borough, Valley View School District and Lackawanna County for approving the LERTA tax abatement program in order to make this deal possible.”

The state-of-the-art building is scheduled to be completed in the third quarter of 2019 and will feature 40-foot clear height, 190-foot deep truck court with opposing trailer storage, ESFR fire protection, 311 trailer parking spots, 277 car parking spots, and 159 dock positions, expandable to 209.

The project will also provide economic and tax incentives, qualifying as a Keystone Opportunity Expansion Zone and for the Local Economic Revitalization Tax Assistance program. In addition, the project will serve as a Qualified Opportunity Zone to encourage long-term investment in the area.

“We are pleased to be working on this exciting project in Jessup Borough,” says Andrew Mele, managing director of TCC’s NE Metro Business Unit. “In addition to best-in-class design quality, the project will enjoy proximity to a strong, vibrant labor force and a strategic location with access to over 80 million consumers within an overnight drive.”

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