Doster Construction has started constructing a spec building at the Regional East Alabama Logistics (REAL) Park in Macon County near Tuskegee.
The 169,000-square-foot spec build is the first structure at the park, which is being developed by Farpoint Development and the Macon County Economic Development Authority. REAL Park is located on 683 acres off Exit 42 on Interstate 85. The investment in the first phase of the park is approximately $20 million.
“I’m tremendously excited by the transformational potential that the Regional East Alabama Logistics Park represents for Macon County, and the elevating opportunities it can create for the hard-working citizens of the Tuskegee area,” said Gov. Kay Ivey at a groundbreaking ceremony on Wednesday.
The spec building being constructed by Doster is expected to be complete in early 2023. When it opens it will be the only Class A warehouse/manufacturing building available for lease within a 40-mile radius. Eventually, the REAL Park should be home to as many as 13 buildings offering a combined 5 million square feet of space built in three phases over the next 10 years.
“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,” said Macon County Economic Development Authority Director Joe Turnham.
An analysis conducted by the University of Alabama’s Center for Business and Economic Research signals that the park could attract approximately $386 million in new economic capital investment when fully built and add more than 1,000 direct jobs.
Opportunity Alabama’s OPAL Fund 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 Alabama.