Crown Equipment is latest entry to Downs Innovation District
Courtesy / The Downs
The Innovation District is seen at top left on this master plan of the Downs mixed-use development.
Crown Equipment Corp., headquartered in New Bremen, Ohio, recently signed a build-to-suit lease, becoming the latest tenant at the Downs Innovation District in Scarborough.
Crown is one of the world’s largest material handling companies and produces a broad range of forklifts as well as automation and fleet management technologies, according to a news release. The company employs more than 16,000 globally.
The new facility will double the company’s existing sales and service footprint in the region.
Amy Sullivan of Colliers International and Michael Cobb of Colliers Maine represented Crown in the deal. Drew Sigfridson and Jonathan Rizzo of the Boulos Co. represented the Downs.
Crown leased Lot 31, a 1.65-acre industrial, build-to-suit parcel.
“We are so pleased to have a new build-to-suit project underway at the Innovation District,” said Boulos’ Managing Director Drew Sigfridson. “This team will start construction in record time for Crown and they’re ready to execute on several more projects with tight timelines in 2021. The Innovation District will look very different a year from now.”
According to Crown’s website, the company has 19 manufacturing facilities and over 500 retail locations in 84 countries.
Other companies that have contracted lots in Phase 1 and Phase 2 at the district include Mainely Tubs, Scorebuilders and Zoom Drain. Nineteen buildings will be in construction within the next six months.
Phase 1 has 18 lots and Phase 2 has 17 lots.
The Boulos Co. will soon open lot reservations for Phase III of the 154-acre specially-zoned business park, which all together comprises 54 ready-to-build lots targeted for light industrial, manufacturing, tech, commercial, medical and retail users.
Phase I is nearly 75% sold or under contract, and more than half of the lots in Phase II have been sold.
The district is part of the overall 525-acre planned community, the Downs. Overall, the plan includes the Innovation District, a walkable town center, 200 acres of greenspace, 10 miles of recreational trails and several mixed-use housings neighborhoods.
At full build-out, the entire project is estimated to create over $615 million in new value; over $10 million in new tax revenue; nearly 2 million square feet of commercial space and as many as 3,000 new jobs.
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