Gaines Penn speaks at groundbreaking for Transpark building
by Mandy Hicks
Managing partner Gaines Penn spoke this week at the groundbreaking of a new speculative building in the Kentucky Transpark. Gaines serves as secretary of the Board of Directors of the Bowling Green Area Economic Development Authority.
Gaines told the audience, “A building such as this will be a tremendous asset to the Kentucky Transpark and the South Central Kentucky region. It will serve as a potential location for prospects and as an example of what can be built at this state-of-the-art business park.”
According to information from the Bowling Green Area Chamber of Commerce, more than 70 percent of companies searching for a new location are looking for existing buildings; a speculative building increases the competitive level of a business park like the Kentucky Transpark by offering a readily available building for a prospective company. The BGAEDA is providing the funding for Speculative Building III as a private organization.
The BGAEDA has already seen success with two previous speculative buildings in the Transpark. In economic development, it is common for a speculative building to be carried for up to three years. Both Transpark buildings were sold quickly. Before breaking ground, Speculative Building I was sold to Cannon Automotive Solutions, Inc., and Shiloh Industries, Inc. purchased Speculative Building II just six months after the building’s construction was complete. This success is attributed to the competitiveness of these buildings and the business-friendly climate in South Central Kentucky.
To read the full story by Jessica M.L. Thompson, Communications Director for the Bowling Green chamber, visit this link: http://bowlinggreenkycoc.weblinkconnect.com/CWT/EXTERNAL/WCPAGES/WCNEWS/NEWSARTICLEDISPLAY.ASPX?ArticleID=289