MONROE – The City of Monroe has agreed to buy 155.9 acres along Sutherland Avenue to build a third industrial park.
Chris Plate, executive director of Monroe-Union County Economic Development, said the Monroe Corporate Center and Arrow Point Industrial Point Industrial Center have served the city well. They’ve lured 12 companies, generating $750 million in capital investment and nearly 2,000 jobs since their inception.
But space is dwindling. About 100 acres remain between about eight parcels, several of which are targeted by active projects, he said. Given the success of those parks and the dwindling space, it is reasonable to seek out land for a new park, he said.
The Billy Place LLC and The Yard Family LLC own the property. They have agreed to the price of roughly $30,000 per acre, which would set the city back nearly $4.7 million. Funding stems from the city’s water resources fund balance.
The land will allow the city to take advantage of the soon-to-open Monroe Expressway, spread development throughout the city and provide opportunities for all citizens, Plate said.
“Primarily, Monroe has targeted precision manufacturing in its recruitment strategy, which has served us very well,” Plate said, noting that the road systems in Union County do not support other uses such as logistics.
“We just would not be as competitive in seeking those,” he said. “Now that we have the expressway open to us, hopefully in November, that will open up opportunities for us to serve another segment of our population with a different skill set.”