Local and state officials recently joined Farpoint Development to announce the launch of a project to build the Regional East Alabama Logistics (REAL) Park.
The project is geared toward supercharging economic growth in the Tuskegee region, according to area stakeholders.
Farpoint has begun construction on the project’s first structure, which is an expandable, 169,000-square-foot spec building in REAL park located on 683 acres off Exit 42 on Interstate 85 in Macon County.
Investment in the first phase of the project sits at approximately $20 million.
In a statement, Gov. Kay Ivey declared that the project held the potential of being a “game-changer” for the Tuskegee region.
“I’m tremendously excited by the transformational potential that the Regional East Alabama Logistics Park represents for rural Macon County, and the elevating opportunities it can create for the hard-working citizens of the Tuskegee area,” expressed Ivey. “This project is a game-changer, and I look forward to seeing the impact the park will have as it grows over the years.”
Farpoint has tapped the services of Birmingham-based Doster Construction to erect the spec building, with work anticipated to be completed in early 2023.
According to a release, the structure will be the only “Class A” warehouse/manufacturing building available for lease within a 40-mile radius.
Once the project’s three phases are completed in seven to 10 years, REAL Park holds the capacity of becoming home to as many as 13 buildings offering a combined 5 million square feet of space.
Farpoint managing director Justin Patwin outlined how REAL Park could become a “hub for global commerce” and spur meaningful economic activity throughout the area.
“We think REAL Park can become a powerful economic engine for the larger east Alabama region, sparking large-scale job creation and generating broad opportunities that lift communities throughout the area,” noted Patwin. “At the same time, the park will become a hub for global commerce, building on the commercial gateway that is the Port of Mobile to benefit the entire state of Alabama.”
The REAL Park project stems from a partnership between Farpoint and the local Bassett family. It is supported by the Macon County Economic Development Authority (MCEDA) and Opportunity Alabama, a nonprofit initiative that connects investors with investable assets in the state’s Opportunity Zones.
MCEDA director Joe Turnham advised that the site would serve to help local officials’ industry recruitment efforts.
“The development of REAL Park has the potential to become a milestone in the history of Macon County and a real tipping point for the growth trajectory of our community,” stated Turnham. “This project will give us an asset that we can use to open doors and pursue growth opportunities that will make a real difference for decades to come.”
According to an analysis conducted by the University of Alabama’s Center for Business and Economic Research, REAL Park could have a significant impact on the region. The research suggests that the site could attract $386 million in new economic capital investment when fully built.
Additionally, the project will add over 1,000 new direct jobs and 863 indirect jobs, according to the analysis commissioned by Farpoint.
Alabama Department of Commerce secretary Greg Canfield said that the site would diversify the local economy by attracting industries in automotive, aerospace, manufacturing and forest products, among others.
“As its footprint expands, REAL Park can put Macon County in the driver’s seat to capitalize on the increasingly robust levels of economic activity along the I-85 corridor,” said Canfield. “The logistics park will position the area for opportunities that can add new dimensions to the county’s economy.”
Opportunity Alabama’s OPAL Fund, a commercial real estate investment vehicle, is the lead equity investor for the REAL Park project. The OPAL Fund is a Qualified Opportunity Fund created to invest in high-impact Opportunity Zone-based projects across the state.
Alex Flachsbart, founder and CEO of Opportunity Alabama, called the site “an ideal location” given its proximity to the area’s two automotive manufacturers.
“This investment is a great example of how OZ investment can be leveraged to support meaningful projects while seeking risk-adjusted return for investors,” proclaimed Flachsbart. “Situated between major Hyundai and Kia plants, this site is an ideal location to expand advanced manufacturing to a rural county that’s home to one of Alabama’s oldest HBCUs.”
Dylan Smith is a staff writer for Yellowhammer News. You can follow him on Twitter @DylanSmithAL
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.