The Harrod Properties Industrial Shell Building project is on 21 acres on the western edge of Asturia, a 500-acre mixed-use project being developed by Houston-based Hines Development. This $26 million project includes building two roads and up to 200,000 square feet of Class A speculative space for office and industrial use.
Harrod Properties and the Office of Economic Growth have entered into a forgivable loan agreement (OEG17-025) for $7 million. This is a 10-year loan from the Penny for Pasco sales tax revenue which includes principle reduction terms for meeting the following goals:
- Complete Phase I Construction (80,000 square feet building and roadway): $4,000,000
- Construction of a 80,000 square feet building has tenants with 5 year leases: $1,000,000
- Certificate of Occupancy for 200,000 square feet of Class “A” industrial/office space OR 200,000 square feet building has tenants with 5 year leases: $1,000,000
Interest only payments are required annually based on the outstanding balance under a term of 10 years.