The River Ridge Development Authority selected the Louisville commercial real estate development firm Hollenbach-Oakley as the master developer of an office park at River Ridge Commerce Center. The authority oversees development of the 6,000-acre business park in Southern Indiana.
With the average Class A office building costing between $200 to $250 a square foot, the contract will represent millions, possibly billions, of dollars in the development at River Ridge, managing partner John Hollenbach said in a phone interview.
That’s beyond investments in industrial facilities, roads and utilities.
Insider Louisville reached out to Dustin Coffman, finance and marketing director for River Ridge, but did not immediately hear back.
Hollenbach-Oakley will start out developing an office park on 80 acres, but that could expand to 300 acres, according to a news release.
“The scale of that is still in the works,” Hollenbach told Insider. “I think it depends on how well we design it and the reception we get.”
The office park, which will be located off Exit 1 of the East End bridge, will serve as the new front door to River Ridge, which is currently accessed off State Hwy 62.
Back in 2015, the River Ridge Development Authority awarded $13 million worth of contracts to Louisville Paving and Construction and to MAC Construction & Excavating to build roads and a dam, install signage and landscape part of the property at River Ridge to create a “face” for the business park.
“One of our main objectives in overall development is to have a very attractive, appealing place with landscaping and power in the ground and pretty strong convenance codes. The visual impact of coming into River Ridge is paramount,” Jerry Acy, executive director of the River Ridge Development Authority, said at the time.
Hollenbach-Oakley will build some office buildings that it will then lease to companies, but it also plans to partner with companies to build their new offices.
“We are developing it for those that want to make their own mark and own their own building” as well, Hollenbach said, adding that the buildings will have amenities such as lake features and jogging trails, among others.
How quickly Hollenbach-Oakley develops the office park will depend on the health of the economy, he said.
“The economy is really good right now,” Hollenbach said.
A full-service development firm, Hollenbach-Oakley is the developer of other local projects including Blankenbaker Station Business Park, the Butchertown Stadium District and Oldham Reserve.