A new business park is being developed in Opelika in one of the state’s new Opportunity Zones.
Developed by Hillstone Advantage Partners LLC, of Chattanooga, the park, named Hi Pack Business Park, is just northeast of the Auburn Airport on a 13-acre site next to Packaging Corp. of America. The first building should be available in the second quarter of 2020.
One of the first business parks in Alabama being developed in an opportunity zone, the park is designed to hold 10 buildings, which may vary from 7,000 square feet to 45,000 square feet and can be single or multi-tenant. The buildings will be designed for showroom, flex space, warehousing and light industrial uses.
The Opportunity Zones program was established by Congress in the Tax Cuts and Jobs Act of 2017 to foster private-sector investments in low-income rural and urban areas. In Alabama, there are 158 authorized Opportunity Zones, with at least one Opportunity Zone in each of the state’s 67 counties.
This site in Opelika was chosen by Hillstone due to the rapidly growing economy in the Auburn-Opelika area. Recent nearby investments in the aerospace and automotive industries, coupled with its proximity to Auburn University and the Auburn Airport, rail service, Highway 280 and Interstate 85 make it a convenient site for industries needing access to several transportation modes. In addition, the location is ideal for serving customers from Birmingham to Atlanta, Georgia or even the Florida panhandle.
Others involved in the marketing of Hi Pack Business Park are Pointe Commercial Real Estate, of Chattanooga, and The Denson Group, of Opelika.
