May 17, 2016

Miami Area Economic Development Service, Inc. (MAEDS) announced the groundbreaking of a new 54,000 square foot spec building.


Miami Area Economic Development Service, Inc. (MAEDS) announced the groundbreaking of a new 54,000 square foot spec building.
Category: General
Posted by: MAEDS

By Melinda Stotts
mstotts@miaminewsrecord.com

May 02. 2016 10:37PM

MAEDS building first spec building in 15 years

 

 

MIAMI – The hope is if you build it they will come.

With this in mind the Miami Area Economic Development Service, Inc. (MAEDS) announced the groundbreaking of a new 54,000 square foot spec building.

The 54,000 square foot manufacturing/warehouse facility is now under construction in the Progress Industrial Park on Highway 69, or known as Mushroom Farm Road, in Miami. The design of the pre-engineered steel building with architectural façade has 200-foot by 270-foot dimensions, with 32-foot sidewalls.

The building includes four loading doors in the basic plan and sits on a little over 10 acres with all city utilities available and is located near Interstate 44.

For companies and businesses seeking a place to locate a new venture or expand an existing enterprise the new spec building is a great opportunity by both the location and possibilities available.

Now retired MAEDS Director Judee Snodderly, who remains with the program part time as a consultant, said the building is being initially constructed without flooring to allow customization by potential tenants.

“Right now we're still working on some dirt work and getting contracts done,” she said. “We were hoping to have it done in September but it's going to be later than that. Hopefully it will be by the middle of October it will be finished.”

Four spec buildings have been constructed in Miami by MAEDS and are now occupied.

The last spec building built by MAEDS was in 2001, and the organization believes the time is right for the addition of another building.

“We are going to use it to market the area and to bring in industry or warehouse distribution into the area because we don't have any available buildings,” she said. “Of course we are borrowing money through four local lenders, who are lending us the money. We'll pay interest on it until will sell the building or lease it, or do a lease/purchase agreement on it. It's been awhile. We haven't had the resources in the past and right now we feel like we the resources to be able to cover our debt.”

MAEDS took out a business loan with Welch Sate Bank, Security Bank, Arvest Bank and First National Bank, all in Miami.

Snodderly said one of the main reasons MAEDS decided to build a new spec building was the large number of inquiries and requests from potential businesses looking for locations in requests for proposals.

“Companies are looking for an existing building and don’t want to wait,” Snodderly said. “I had contacted the State of Oklahoma Department of Commerce to see if they could give me information, not necessarily what we get but what they get in the state, of companies looking for an existing building. I did this last year and they gave me the figures for 2013 and it was something like 89 percent of the businesses are looking for an existing building.”

The dimensions and details of the new building, such as higher ceiling and loading doors were chosen for flexibility to appeal to any type of industrial or warehouse business needs.

“You know it just depends on the equipment they’re going to put in the building and we used an average of what companies are looking for in the design,” she said. “The majority of requests we get are between 50,000 to 100,000 square feet.”

According to Snodderly having an existing building to develop more economic growth is valuable for recruitment and enticement of new industry to Miami and the area. The open design allows for the adaptation for office space or placement of other utility outlets and other options to fit any industrial manufacturing or warehousing needs.

“Companies are kind of in a hurry these days and so they want something that’s existing,” she said. “It will be expandable to 100,000 square feet. Costs would be minimal to complete the necessary utility and flooring work and take only 30 to 45 days to complete.”

Snodderly said she consulted with larger city experts, such as in Joplin, dealing with the development of industrial spec buildings.

“They said don’t necessarily build a spec building to get them here they build it to lure someone here, and that way if that building doesn’t work out for them at least they’re looking in the area and they might be interested in building something,” she said. “Discovery Plastics located in a spec building in Progress Park, but the ceiling height wasn’t enough and it wasn’t large enough for what they needed, but they still located out there. Eventually we leased the building to Love Box and then Osage Doors out there. It’s something we need because it’s something companies are looking for.”

The MAEDS site committee is excited to get this building completed and looking to build another spec building in the future.

“We’re hoping once we get this one built and we get it sold or leased or whatever the company wants, to lease purchase or even purchase it, then if that happens then we’re going to build another one.”

Melinda Stotts is the associate editor of the Miami News-Record. She can be emailed at mstotts@miaminewsrecord.com.