(LBF) -- A developer has agreed to buy 82 acres in River Ridge Commerce Center in a deal that will reap more than $7 million.
The company plans to build an industrial warehouse and distribution facility on the site that will have at least 500,000 square feet of commercial space and could grow to 1.5 million square feet. At that size, it would be among the biggest operations in River Ridge.
The River Ridge Development Authority, which oversees the finances and operations of the 6,000-acre business park, approved the deal earlier this week at a purchase price of $90,000 an acre. That translates to $7.4 million.
The buyer has not been disclosed because the sale is pending — a standard practice for River Ridge land deals. The property is located along Paul Garrett Avenue, International Drive and River Ridge Parkway.
“This deal will bring another major development to the park that will create jobs and generate new tax dollars for our communities and the state,” River Ridge Executive Director Jerry Acy said in a news release.
