(excerpt from article originally published in the Journal News on November 1, 2020 by Lawrence Budd)
An Indianapolis company is planning more than $30 million in commercial development to build structures that will allow new or growing businesses to open their own offices, distribution sites or shops in Lebanon, Riverside and Fairfield.
RISE Commercial District is in the process of buying 9.2 acres from Lebanon in the city’s Columbia Business Park for its first local development.
RISE Commercial District builds the structure and then provides all-inclusive office or warehouse space to build businesses from startup to scale up, similar to an incubator. RISE facilities offer free Wi-Fi, free conference rooms, public restrooms and gross leases (all-inclusive of utilities, dumpster and management fees) with flexible terms,” according to company information.
Companies typically start with a small space, 600 to 800 square feet, and expand to 3,000 to 4,000 square feet, at the RISE development before building facilities within three to five miles, according to Alison Barber, director of brand development for RISE.
“That’s been hugely beneficial for the communities,” Barber said.
Economic impacts from COVID-19 have prompted some businesses to downsize into RISE facilities, Barber added.
“We’ve actually seen tremendous growth in our company,” Barber said. “We’re looking to double this in 2021.”
RISE is to pay Lebanon $45,000 an acre. The agreement, authorized on Oct. 13, prompts 60-day due-diligence period before the sale is completed.
