NorthPoint Development struck a joint-venture agreement with Northwestern Mutual Real Estate Investments to construct a $7 million industrial building at the Riverside Horizons Business Park.
The speculative building, meaning it is being constructed before it has tenants, would be the first vertical construction on the long-awaited Horizons project after months of infrastructure work. Plans call for it to be done in October.
Brent Miles, vice president of economic development for NorthPoint Development, said the company is taking a risk in a still-shaky economy to meet demand for new and modern industrial space in the Kansas City area. “We believe there is a lack of quality Class A space in Kansas City,” Miles said. “Us coming out of the ground with 155,000 square feet of speculative construction shows that if you build it, they will come.”
They may, indeed, be coming: NorthPoint is in negotiations with a prospective tenant to occupy half of the building…