Located two miles from Interstate 5 and adjacent to the Redding Municipal Airport, the park will have single parcels as large as 95 acres for sale. At build out, the park could hold approximately 4.4 million sf of development. Zoning ranges from general and light industrial to office and technology. Redding's J.F. Shea Co. is handling the infrastructure work.
Zauher says one of the key elements behind the project is that in California is that larger parcel sites are hard to come by. "The whole thrust of this is to attract major distribution or manufacturing or back office users," Zauher told GlobeSt.com in 2006, when the city first signed off on the environmental documents related to the project. "We've lost those kinds of projects in the past because we didn't have shovel-ready sites, which is why we decided to put it a real strong effort into this. All a developer will need is a building permit."
Expected to help attract users are a brand new Web site and numerous incentives for companies seeking West Coast locations. Those lures include Enterprise Zone state tax credits and low-cost municipal electric utility rates that are as much as 40% lower than other parts of the state, says Zauher, previously the economic development director for Shasta County, which includes Redding.
The new site, www.stillwaterbusinesspark.com, lets decision makers see site description, maps, permitting, incentives, utilities, transportation, industries in the Redding area and a community profile that can be customized to business interests. Zauher says one of the site's more innovative aspects is its capability to show projected expenses for different types of manufacturing, including projected expenses for labor, utilities and taxes. Stillwater clients can also request detailed 'data standards reports' from the site.
The City of Redding will have spent $20 million by the time the infrastructure work is completed for the first phase, which covers about three-quarters of the park. John D. Troughton of Cushman & Wakefield's Oakland office has the marketing assignment.
The per-sf asking price for the 16 parcels in the first phase—which covers about three quarters of the park—ranges from $1.80- to $3.50 per sf. If all parcels sold at the asking price, it would total approximately $30 million. The city, however, is looking more at what the development of the land will do for the region.
"We had an independent study done by a university," he says. "It predicts $1 billion of new revenues into the economy annually at build out."
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