There were no tenants secured for the buildings, which were being constructed on a speculative basis, Matt Gaston of NorthPoint Development said at the planning board meeting.
Gaston confirmed in an email earlier this month that the project would not move forward. The email to Matt Spring, city development director, said that “the capital markets have deteriorated too much for speculative development at the moment, and financing is not feasible now or anytime soon for a project of this size.”
NorthPoint Development did not respond to a request for comment Friday. The company has built close to a dozen large warehouse-style buildings around the Dayton airport in recent years that are used by a variety of companies.
Tipp City Council had been told by City Manager Tim Eggleston in June 2023 that the project, which was supposed to begin in May or June, 2023, was being postponed until this year. City officials said they were told then that the developers wanted to fill a building they had in Vandalia first and were hoping for a decline in interest rates.
The property zoned for light industrial use will be placed back on the market, Spring said.
“We have not had any other interest in the property as of yet,” he said. “We are disappointed at the loss of the NorthPoint project for the city. However, we’ll remain committed to exploring alternative avenues for economic development and growth.”
Contact this contributing writer at nancykburr@aol.com
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