Flint Development of Kansas is entering the Kenosha County market with a three-building, 1.9 million-square-foot industrial development near Interstate 94 in Somers.
That project represents a first in Wisconsin for the national developer, and also the first west of the interstate under a local agreement between Somers and its neighboring town of Paris.
Devin Schuster, founder and partner of Flint Development, said the firm has been tracking the I-94 corridor for some time seeking an opportunity.
“It’s just the velocity of tenants who are actively looking and the lack of space,” Schuster said of the interest. “This is just one where we see a lot more demand than the current supply.”
Kenosha County ended 2021 with a 3.2% vacancy rate across all types of industrial buildings, according to data from the Commercial Association of Realtors Wisconsin and REDIComps. Kenosha County saw 1.95 million square feet of industrial space open in 2021, compared with 2.77 million that were absorbed.
The proposed Flint 94 Commerce Center would cover 128 acres southwest of the I-94 interchange with Highway E. Pending approvals, grading for the entire site could begin by early summer, Schuster said.
The first phase of construction would include a building of 733,679 square feet, he said. Discussions are underway to simultaneously build the business park’s second building, with 701,754 square feet, at the same time, he said.
The first phase would be built speculatively, with an expectation based on the market activity that they’d be leased before completion.
Those first buildings could be ready for delivery to tenants by April or May 2023, Schuster said. A third building of 509,017 square feet is also planned.
Read more at the Milwaukee Business Journal.