The Ohio Tax Credit Authority has awarded a 65% tax credit for a seven-year term to the contractor to entice CSC to locate in the state. The value of the tax credit is $5.4 million, and the firm is required to stay at the site for at least 14 years, according to state officials. The building is expected to be complete by September.
Todd Duplain, director of development for Mill-Morgan, says the office market should remain very strong for the next five to seven years. Since the federal Base Realignment and Closure committee decided in 2005 to close a few military bases and move assets to Wright-Patterson Air Force Base, nearby Beavercreek and other communities have benefited greatly, he says. "Since the base became a 'receiver' site, there are many programs and missions coming to Wright-Patt, along with additional jobs and contracts," Duplain says.
In fact, the 15-acre Pentagon Park was so named to attract defense contractors, according to Duplain. The company is also building another 25,000-sf office building on the site, as well as a 148-key Hilton Garden Inn and a restaurant.
Mills-Morgan is also building another 150,000-sf in a few office buildings at its nearby Acropolis at Fairfield Commons Park in Beavercreek, where the same firm sold a number of completed office buildings in August. This new project will cost about $23 million, Duplain tells GlobeSt.com, and will also be developed for defense contractor use. "We have strong interest for about 100,000 sf of the new buildings, but nothing signed yet, he says. Office rates in the area range from $13 to $18 per sf, net, he says. While the 135,000-sf building is under construction, CSC will lease 25,000-sf at an Acropolis park building to start work on the Air Force contract.
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