Manhattan-based IV5 Newburgh South Logistics Center LLC, a wholly owned indirect subsidiary of Brookfield Strategic Real Estate Partners IV, which is associated with Brookfield Properties, has broken ground on a warehouse and distribution center project in Newburgh. The project has an estimated cost of $53.4 million.
Brookfield reports having more than 500 tenants at properties in its U.S. portfolio. Among the tenants are Home Depot, UNFI, Refresco, and Amazon.
The City of Newburgh Industrial Development Agency (IDA) as well as the Orange County Partnership worked with Brookfield to help make the project a reality.
The developer told the IDA that it bought the site July 3, 2023 for $5,500,000. The IDA provided a 10-year PILOT agreement for the development that was projected to provide financial assistance of $4,185,659 with respect to real estate taxes. The IDA also granted sales and use tax exemptions of $1,507,500 and a mortgage recording tax exemption of $280,818.
“This project represents an ambitious reactivation of a long-forgotten site in the community and is exactly the type of strategic development Orange County is focused on,” said Conor Eckert, president and CEO of the Orange County Partnership. “This site is dynamically positioned to accommodate modern economic development projects seeking speed-to-market infrastructure, access to consumers, and proximity to skilled labor. We’re proud to partner with Brookfield Properties, Orange County and the City of Newburgh to bring this vision to life.”
Among those attending the groundbreaking with Eckart were State Sen. Rob Rolison, State Assemblyman Jonathan Jacobson, City of Newburgh Mayor Torrance Harvey and Orange County Executive Steve Neuhaus.
Neuhaus said the project was a win for the region and has tremendous potential to drive growth, create jobs and revitalize a key part of the community.
The warehouse and distribution center is designed to encompass 416,320 square feet. It’s located at 700 South St. in Newburgh, on a 49.6-acre site. Plans call for about 29 acres to be used for the development. The warehouse and distribution center would accommodate 122 tractor-trailers and have 75 loading dock doors. There would be 154 parking spaces for cars. The developer projected that the project would produce 110 construction jobs. When complete, it is expected that there would be 225 full-time employees at the site along with 25 part-time employees.
The building would be 31 feet high and have a width of 320 feet and a length of 1,301 feet.
