Hillstone Advantage Partners Develops Opelika, Alabama, Business Park
The park is designed to hold about 10 multi-tenant or single tenant buildings, which may vary in size from 7,000 square feet to 45,000 square feet. Buildings will be designed for showroom, flex space, warehousing and light industrial uses. The first building should be available in the 2nd quarter of 2020.
The park is located in a qualified opportunity zone, offering potential tax advantages and savings to companies locating in the park, according to Opelika Economic Development.
Opelika, and this particular site, were chosen due to the rapidly growing economy in the Auburn-Opelika MSA area, local officials said. Recent nearby investments in the aerospace and the automotive industries, coupled with proximity to Auburn University and Airport, rail service, Highway 280 and 1-85 make this a convenient site for tenants who need access to these industries and transportation modes. Additionally, Opelika's location makes it easy to serve regional customers in Birmingham, Montgomery, Columbus, Atlanta and the Florida panhandle.
Mayor Gary Fuller said, “Opelika is fortunate to have great partners who believe in bringing good businesses to town. That, in turn, means jobs for our citizens. This helps keep our local economy prosperous and strong.”
Jake Hill, Principal at Hillstone Advantage, believes that this is the first, or one of the first, business parks in Alabama that is being developed in an opportunity zone.
“We are thrilled that Hillstone Advantage Partners has the confidence in Opelika to make this investment. It will bring much needed space for projects that would like to take advantage of the opportunity zone designation,” said Lori Huguley, Director of Opelika Economic Development.
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