The Zionsville Town Council approved a tax abatement during its Aug. 3 meeting for a logistics company that wants to establish a presence along I-65.
Prologis, L.P., a logistics company founded in 1983 that has $125 billion in assets under management, requested a 10-year standard tax abatement from the town. The request was unanimously approved. The company expects to invest $47,650,000 in the project, according to Matt Price, a Prologis legal representative.
The property is at 5190 S. Ind. 267, near the northwest corner of C.R. 550 and Ind. 267. The project would consist of two 550,000-square-foot buildings near the I-65 interchange near Ind. 267 and the soon-to-be-built midway interchange at C.R. 550 S. that state officials hope will alleviate traffic from the former interchange and Whitestown Parkway interchange.
“Their business modeling suggests that there is going to be a substantial demand for these type of land uses due to changes in the supply chain, accelerated acceptance and integration of e-commerce and a diversification of where manufacturing facilities are being located,” Price said during the council’s July 20 meeting. He added that many of the changes were due, in part, to the COVID-19 pandemic.
To prepare the site for the project, the roughly 76-acre property was rezoned at the council’s July 20 meeting from a rural agriculture zoning district to a rural industry zoning district.
The town council will next hold a public hearing for the project before voting whether to adopt a confirmatory resolution.
Prologis, according to its website, has multiple warehouses in Indianapolis and operates industrial real estate properties, including several adjacent to the Interstate 465 Beltway, west and north of downtown.