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Wednesday, September 20, 1989 / University Daily Kansan
Dickinson
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The KU Bookstores are pleased to announce that all register receipts from cash or check purchases during period #85 (Jan. 1, through June 30, 1989) may now be redeemed for a $7% cash rebate through the end of December at customer service counters at either the
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KANSAS AND BURGE UNIONS
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DRIVE THRU
RESTAURANT
Shell built to lure industry to county
Contractor builds without sure tenants
By Steve Buckner Kansan staff writer
Most of the time an individual or group will act in a manner that they feel most comfortable with. This behavior is called reduced risk.
Sometimes an individual or group will take a chance in order to accomplish something that they could not initially. This behavior is called risky.
Douglas County Development Inc., a non-profit economic development corporation associated with the Lawrence Chamber of Commerce, finds itself in the risky category these days because it is constructing a $1 million, 81,000 square foot "shell building" in the East Hills Business Park without a tenant to occupy the building.
But Bill Martin, director of economic development for the Chamber of Commerce, said the risk, though great, was a calculated one.
"The experts tell us that 60 percent of the companies looking for a new location either require or state a preference for having an existing building, he said. "So if you don't build it, you won't be able to reach 60 percent of the prospects. There is no way to gauge how many we might have lost."
Basically, the shell building amounts to four walls and a roof. Martin said the builders would leave the interior unfished so that the eventual tenant could tailor it to the needs of his company.
"There's no floor, in case they have heavy equipment," he said. "There's no definite office space, so the building could have anywhere from 3,000 to 23,000 square feet. There's no heat because if it's a warehouse it would have different requirements from other uses."
Martin said the project took a creative package of unique financing before it was started in June.
"We sold $200,000 in subordinated debentures to local companies and individuals, which will be paid off when the building is sold." he said.
"We borrowed $775,000 from local financial institutions, and we'll pay them the principal and interest when the building is sold."
The building, the first of its kind in Douglas County, should be finished in November, he said. Marketing began on the building through direct mail to companies in July, Martin said.
"We contacted 1,600 companies," he said. "From that, we got 15 prospects, or companies with expansion plans that would consider Lawrence. We've had two prospects visit, had one return visit and had two others indicate that they might visit."
Martin said he was well aware of the risks involved in a project such as the shell building.
"Anytime you borrow $1 million without a tenant in hand, you're taking a major risk," he said.
The risk would become a crisis if the building is still unoccupied a year after its completion, Martin said.
"Our interest is accruing $12,000 per month," he said. "We have to add that to the price of the building. After a year, a company could build another building cheaper."
Although shell buildings are new to Douglas County, the concept is not unique to the rest of the state. Martin Scott and Hays had built shell buildings for the same reason Douglas County did.
Lou Atherton, director of the industrial development division of the Kansas Department of Commerce, said the state received many inquiries from around Kansas and that the shell building was a helpful tool to lure industry.
"Hays built theirs and sold it three months later." he said.
But not all shells find an owner. The Fort Scott building is unoccupied after several years, Atherton said.
"It's unoccupied, but a company saw it and decided to build their own." he said. "The advantage was brought a company in to look at it."
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