Wednesday, July 21, 2021

Lease signed for MAF land

NEW ORLEANS - Industrial Realty Group, LLC (IRG) announced Tuesday that it signed a long-term ground lease with NASA's Michoud Assembly Facility (MAF). The agreement is for a 50-acre development parcel within MAF, one of the largest production facilities in the nation. IRG's future development is expected to be up to 1,000,000 square feet of buildings developed in phases. The target users include light assembly, manufacturing, distribution, and office space. "When we look at property, we are always searching for creative solutions that benefit all parties," said Stuart Lichter, President of IRG. "In this instance, IRG can provide NASA an excellent long-term plan for its underutilized land in Orleans Parish, while developing a dynamic project resulting in job creation and economic growth." According to Robert Champion, director of MAF, "The agreement with IRG allows MAF to offset some production costs and gives new purpose to this part of the installation." The first phase of development is expected to produce a 400,000 square foot warehouse building. A project timeline will be based on market demand. (Source: PRNewswire, 07/20/21) Additional background can be found in cover story of the June 2021 Gulf Coast Aerospace Corridor Newsletter