GREATER BELOIT COMMUNITY AND ECONOMIC DEVELOPMENT UPDATE. GBEDC Board Meeting June 10, 2015

Size: px

Start display at page:

Download "GREATER BELOIT COMMUNITY AND ECONOMIC DEVELOPMENT UPDATE. GBEDC Board Meeting June 10, 2015"

Vernon Allen
8 years ago
Views:

1 GREATER BELOIT COMMUNITY AND ECONOMIC DEVELOPMENT UPDATE GBEDC Board Meeting June 10, 2015

2 UPDATE ON RECENT ECONOMIC DEVELOPMENT ACTIVITY

3 Economic Development Activity City Center (Downtown)

4 Ironworks Redevelopment Location: 655 Third St. $38 Million renovation YMCA planning to relocate to the south end A $1 Million WEDC Idle Industrial Sites grant awarded to the City of Beloit to support the project Center spine road complete by end of June (substantial completion)

$1 Million WEDC Idle Industrial Sites grant awarded to the City of

5 PHOENIX BUILDING DEVELOPMENT Downtown Mixed-Use Development 40,000 SF $4 Million Investment 27 of 27 Residential Units are Rented (100%) Lucy s #7 Burger Bar 430 E. Grand Ste ,709 SF Open Zen Sushi & Grill 430 E. Grand Ste ,000 SF Open August

Rented (100%) Lucy s #7 Burger Bar 430 E. Grand Ste.

6 200 West Grand / 100 East Grand 200 West Grand Former Kerry Manufacturing Facility purchased by HCP Partial demolition work to begin in 2015 Ironworks type mixed-use redevelopment 100 East Grand Former Kerry Office Building HCP in final negotiating stages to purchase from the City Retain FatWallet as a tenant Undertake a complete external renovation

redevelopment 100 East Grand Former Kerry Office Building HCP in final negotiating

7 Economic Development Activity Industrial Development

8 Pratt Industries Construction of a new corrugated container board manufacturing facility Producing 600 tons a day at capacity 360,000 SF Facility, 10,000 SF Office $52 Million Private Capital Investment 140 New Green Collar jobs

tons a day at capacity 360,000 SF Facility, 10,000 SF

9 Construction Activity at 1405 Gateway Boulevard

10 Proposed Perspective

11 Ecolab Entered into a long term lease for the former SEC building at 1630 Apex Dr. 244,233 SF Warehouse distribution

12 Chicago Fittings Specialty Fitting Manufacturer Relocating from Belvidere to the Gateway Business Park (3170 Colley Road) 4.26 acre site 34,560 SF building $2.36 Million Investment 15 new jobs Klobucar Construction Design/Build contractor Closed February 27 th Begin Construction as early as April

13 CCI/Blackhawk Transport H.Q. Project New H.Q. building for both businesses To be located on Townhall Road (East of Gateway) 2 Story 22,000 square foot office building $1,760,000 construction cost Completed

14 Medical Radioisotopes Company plans to develop a production facility linear accelerators to produce isotopes used in diagnostic medical imaging 50,000 SF facility completed Phase 1 will create 12 new jobs Phase II to begin this summer/fall (50,000 SF)

diagnostic medical imaging 50,000 SF facility completed Phase

15 20 Park Avenue Repurpose of former grocery store into light industrial 57,745 square foot renovation Removal of parking lot and landscaping improvements Former Cub Foods Building

17 Dupont Expansion Significant production capacity expansion Parking lot reconfiguration and expansion 8 new jobs $53 million investment

18 OTHER NOTABLE PROJECTS

19 The Beloit Club Hendricks Commercial Properties purchased property August 2014 New 24,000 SF Clubhouse New Pool Area Improved Golf Course Open for 1 st event June 1 st and to members June 15 th 100 workers on site for 2+ months

New Pool Area Improved Golf Course Open for 1 st event

20 BELOIT SENIOR HOUSING Proposed New Assisted Living Residential Complex 2250 West Hart Road units being proposed 5 acre development Project will create 24 new jobs $5,000,000 private investment

44-100 units being proposed 5 acre development

21 Hawks Ridge Expansion Construction of 4 new buildings 128 new housing units $6.8 Million in increased assessed value

22 Cherry Tree Assisted Living 72 total units located between Shuster Drive and Cranston Road 48 Residential Care Units 24 units will be in a Community Based Residential Facility with a Memory Care Center 4 acre development Project will create 60 new jobs $5,000,000 private investment Developer has purchased property

23 Buffalo Wild Wings 2747 Milwaukee Road $875,000 Renovation Open summer Town of Beloit Lynn s Transport relocating from Edgerton 19 Jobs and may add an additional 3 South Beloit TID #1created

24 PUBLIC IMPROVEMENT and SCHOOL PROJECTS Town of Beloit Sewer Treatment Expansion Project $3.9 Million Dollar Project will allow for increased capacity Fran Fruzen Intermediate School 102,500 SF New construction $17,250,000 (estimated) Capital Investment Estimated completion July 2015

25 Milwaukee Road Improvements Phase I Sidewalk improvements New crosswalks Signal updates Landscaping Construction to begin this summer

27 I-39/90 Expansion Final I-39/90-I-43 interchange alignment determined (construct ) Project scheduled to start in 2017 and expected to be completed in 2020

28 County G (Prairie Avenue) Reconstruction from Huebbe Parkway North to WIS 11 West Construction underway expected to be completed in 2015

29 Inman Parkway Extension Construction on connecting link from Hwy G (Prairie Ave.) to County S (Shopiere Rd.) Construction underway expected to be completed in spring of 2016

30 Workforce Development Activity

31 Business Retention and Expansion program 214 Interviews conducted to date

32 RLF Update Loan Portfolio Update 4 loans $155,959 lent out 1 loan delinquent Funds Available $251,938

33 Investors Update Paid Investors YTD: 66 Past Due: 3 New Investors YTD: 4 Budgeted Income: $65,000 Income YTD: $60,831

34 Unemployment for the City of Beloit Month/Year Rate Rank March % 2 April % 2 May % 2 June % 2 July % 2 August % 3 September % 3 October % 3 November % 2 December % 3 January % 3 February % 2 March % 2 April % 2 *Source: Wisconsin Department of Workforce Development, Bureau of Workforce Training Labor Market Information Section

35 Economic Development Activity Summary of Current Economic Development Activity Number of Jobs New Square Feet Value Total 252 1,033,002 $166,595,000 Summary of Economic Development Activity Since 1999 Number of Jobs New Square Feet Value Total 3,186 4,217,404 $692,428,195

37 Thank You!

TAMPA S UNIVERSITY MALL ANNOUNCES MAJOR REDEVELOPMENT PLANS. Construction is slated to begin as soon as first quarter 2016

PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Elizabeth Cross Daniel Jimenez +1 305 428 6373 +407.839.3191 elizabeth.cross@cbre.com danieljimenez@cbre.com TAMPA S UNIVERSITY MALL ANNOUNCES MAJOR REDEVELOPMENT