Land for 'Project Bluejay' distribution center in Bondurant bought for more than $6.7 million

The developer of the Bondurant warehouse and distribution center project speculated to be an Amazon fulfillment center has spent more than $6.7 million on nearly 170 acres of farmland for the project. 

Ryan Companies, the developer of "Project Bluejay," purchased the land Oct. 16 from a group of several property owners. The land sits east of Northeast Hubbell Avenue and north of the Wolf Creek development 

The purchase price equals about $40,000 per acre. 

The average value of high-quality farmland in central Iowa is about $9,684 an acre, according to an average of the last two surveys conducted by the Iowa Chapter of the Realtors Land Institute, which surveys its members every six months. 

Kyle Hansen, a real estate broker with Hertz Real Estate Services in Nevada, said he typically sees farmland selling between 9,500 and 10,500 an acre, but land often sells at much higher prices when it's repurposed for development.

"You can typically see on average from 3½ to four times the agricultural value being put on a property for commercial and industrial uses," Hansen said. "We would say that sale is very representative."

Bondurant had long been eyeing the site for development, completing the criteria to make it a certified site through the state of Iowa earlier this fall. 

Once complete, the $250 million warehouse and distribution center will measure about 780,000 square feet and employ as many as 1,120 people per shift, according to documents from the city of Bondurant. Plans call for 1,800 parking spots and 200 trailer stalls.  

►More on Project Bluejay: What we know so far about the mysterious distribution center

Bondurant approved a site plan for the project in late September. Neither the city nor developers have shared who the company behind the project is, with the city citing nondisclosure agreements signed by officials. 

But all signs point to the property being an Amazon fulfillment center. 

State documents also show the company behind the project employed 647,500 people at the end of last year, the exact number of employees reported by Amazon. They also included a passage outlining company's guiding principles that was lifted word-for-word from Amazon's website. 

Project designs resemble those for plans for an Amazon fulfillment center proposed in July for Prince George's County, Maryland. 

Ryan Companies in 2016 constructed an Amazon fulfillment center in Shakopee, Minnesota. 

Ian Richardson covers Ankeny and Altoona for the Register. Reach him at irichardson@registermedia.com, at 515-284-8254, or on Twitter at @DMRIanR.

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