EKY BUILDS ‘Pinnacle Park,’ Receives Funding
Thursday, October 31, 2019
One East Kentucky project will establish region’s first 200,000 square-foot Kentucky Certified Build-Ready Site at East Kentucky Business Park using AML Pilot funds
PAINTSVILLE, Ky. – When private industry initiates the site selection process for an expansion or relocation project, their goal is to enter the market quickly, with low risk and low cost. One facet of ensuring low risk and low cost for industry is the ample availability of fully prepared industrial sites. One East Kentucky’s EKY BUILDS program will focus on the development of at least one Kentucky Certified Build-Ready Site in each of the region’s nine counties. The EKY BUILDS Pinnacle Park project is the first step in creating a replicable industrial park model for communities across the One East Kentucky region.
“Community preparedness is key to attracting new private-sector companies and expansions,” said Erran Persley, business development commissioner at the Kentucky Cabinet for Economic Development. “We at the Cabinet both applaud and support One East Kentucky’s big-picture plans to help multiple counties in the region prepare for meaningful job growth and new corporate investment.”
One East chose the East Kentucky Business Park for the Pinnacle Park project based on the park’s existing assets and abundant utility capacity. Currently, One East Kentucky is marketing the park’s 45,000 square-foot speculative building; 55,000 square-foot finished building; and 32,000 square-foot multi-use international attraction facility (the International Landing Zone). In the new, Pinnacle Park project, the Big Sandy Industrial Development Authority will construct the region’s first 200,000 square-foot Kentucky Certified Build-Ready Site – making the East Kentucky Business Park the region’s most well-rounded industrial park, offering a variety of real estate options.
“The addition of a 200,000 square-foot Build-Ready Site to our real estate marketing portfolio will open many doors for the region. In fact, a major factor in Dajcor Aluminum opening their first United States location in Perry County was the availability of a 200,000 square-foot facility that could quickly be renovated and placed into production to meet customer deadlines,” said CEO Chuck Sexton, president and CEO of One East Kentucky. “Over the last five years, economic development project activity has trended toward 200,000 square-foot facilities, which is ultimately why the region’s first Build-Ready Site will be 200,000 square-feet.”
According to the Kentucky Cabinet for Economic Development’s website, thinkkentucky.com, there are only three other sites in the state that are similar in size.
“As the Industrial Development Authority plans for east Kentucky’s future and continues to partner with One East Kentucky, we are thankful that Secretary Charles Snavely and his team at the Energy and Environment Cabinet see value in investing in our mission to diversify Appalachia’s economy,” said Jim Booth, chairman of the Big Sandy Regional Industrial Development Authority. “The Pinnacle Park project will ensure the East Kentucky Business Park is primed to meet a variety of new business location decisions.”
In addition to ensuring eastern Kentucky’s global competitiveness, a menu of fully prepared industrial sites will increase the region’s success rate in recruiting industry. One East Kentucky’s EKY BUILDS initiative will largely focus on two areas: (1) existing industrial parks and (2) identification of potential industrial land that offers a unique and competitive advantage, like on-site rail access, that may not currently exist in the region.
The scope of work for existing parks will include detailed master-planning work, such as pre-engineered buildings, cost estimates and construction timelines. Efforts to identify potential industrial land will include geotechnical reports and other necessary due diligence. All of this would work to decrease construction timelines and successfully attract job-creating companies.
“I applaud the leaders of One East Kentucky and their partners for today’s announcement. Having a site prepared to the level of the East Kentucky Business Park is smart public policy. The dollars invested into preparing this site will create millions of positive return on investment over the long term from private industry,” said Chad Chancellor, co-founder and CEO of the Next Move Group, LLC. “Industries often locate on the sites which present the least amount of risk to them to develop, and this announcement removes risk from the East Kentucky Business Park meaning it is now positioned better than ever to win new deals. The leadership at One East Kentucky and its partners are committed to creating economic growth in their region and they should be commended.”
The AML Pilot funds for the EKY BUILDS Pinnacle Park project also allows for improvements to the East Kentucky Business Park’s 45,000 square-foot speculative building. These improvements include building out office space, adding overhead dock doors and constructing an asphalt parking lot.
One East Kentucky established the EKY BUILDS program as a strategic initiative aligning industrial real estate development in east Kentucky with the Kentucky Cabinet for Economic Development’s Certified Build-Ready Site program. Through the EKY BUILDS program, One East Kentucky will work with each of the region’s industrial development boards and local elected officials on funding solutions and site selection support to develop a variety of industrial real estate solutions for economic development prospects and ultimately increase the number of job-creating projects to consider the region for their next United States location.
The EKY BUILDS Pinnacle Park Program will help guarantee the perpetuity of world-class real estate options available to companies throughout east Kentucky. For more information about EKY BUILDS, the East Kentucky Business Park or the International Landing Zone, please contact One East Kentucky president and CEO Chuck Sexton at firstname.lastname@example.org or 606-886-7333.
About One East Kentucky:
Established in 2015 as east Kentucky’s Center of Economic Development Excellence, One East Kentucky is a 501(c)3 regional economic development organization responsible for spearheading the growth and diversification of eastern Kentucky’s economic base through recruiting new industry, jobs and investment to the heart of Appalachia. Since 2016, One East Kentucky has announced over 1,000 new jobs and $154.6 million in capital investment. For more information about One East Kentucky, the nine-county region, industrial properties, workforce development, incentives or other economic development resources, visit www.oneeastky.com. Follow One East Kentucky at facebook.com/oneeastky, on Twitter @OneEastKY and LinkedIn.
Ivy Stanley, Project Manager