Northpoint Development is officially the owner of 18 hundred acres of land at the Keystone Industrial Port Complex.
The site’s previous owner US Steel said local affiliate NP Falls Township Industrial, LLC bought the KIPC for about $160 million. NorthPoint plans to rename the site to the Keystone Trade Center.
The timing of the sale fits an estimate timetable NorthPoint representatives gave in late October. Combined with a recent approved agreement with the Falls Township Board of Supervisors, the industrial developer appears on track to start Phase One this upcoming spring.
Northpoint Chief Strategy Officer Jed Momot previously stated they plan to invest $1.5 billion.
Phase One includes environmental clean up of the site and industrial warehouse development. US Steel handled 70 percent of the clean up prior to the sale, and NorthPoint will spend $25 million finishing the job.
The purchased land has 15 million square feet in development potential, according to Momot. During Phase One, NorthPoint plans to build an estimated 20 warehouses for Fortune 500 companies like Amazon and Walmart.
Momot added they will bring 5,000 to 10,000 jobs, calling it “the largest e-commerce, logistics, and multi-model industrial project on the east coast.”