As posted by Beloit Daily News
The 18th business development in Gateway Business Park broke ground Tuesday morning.
A 500,000-square-foot speculative industrial warehouse intended for a future tenant is being constructed by Corporate Contractors Inc, (CCI) and owned by Phoenix Investors. The new building is being constructed at 1902 Gateway Blvd., Beloit.
Phoenix Investors, a commercial real estate agency based in Milwaukee, purchased the 56.2 acre property back on Nov 1, 2021.
Phoenix Investors is not new to the Beloit area. Five years ago an affiliate of Phoenix Investors purchased the Alcoa industrial building on Reynolds Drive, which have been leased partially by Staples and Axium Foods in the past.
Corporate Contractors Inc., headquartered in Beloit, will be constructing the new massive building.
Frank Crivello, chairman and founder of Phoenix Investors, pushed for local jobs to be at the forefront of this new project. With the push, the project will have 60-70% Stateline Area construction workers on the project.
“We have estimated a total of 400 to 500 construction jobs that will be made available throughout the project,” Crivello noted. “Depending on who is leasing the building, a warehouse business can offer 50 to 100 employees, while a manufacturing business can offer 400 to 500 jobs.”
These would be jobs that would be made available to the residents of Beloit.There has been a problem found within the area purchased that might prolong the timeline.
“We have noticed problems with the soil and the city has been made aware,” Crivello noted. “The estimated total cost of the project is now at $37 to $40 million.”
When the purchase and sale agreement was finalized by the City of Beloit, estimated investment was at $35 million. There is currently no announced timeline on the project concerning the completion of the building. Crivello is still happy with the decision in choosing Beloit.
“We have been asked why we choose Beloit, even though Janesville had TIF money, (Tax Increment Financing),” Crivello noted. “Talking with a potential renter for the building, they mentioned how important it is to them being located in a community like Beloit. Beloit has such a wonderful community. The community where a business is located is a big factor when gaining employees, as well as keeping employees.”
“To my knowledge this is the first outside investor to build a spec warehouse in Beloit,” said Brad Austin, President of CCI. “It is always hard to have outside investors support a small town like this. We are very appreciative to work with Phoenix on this project. They take a risk, coming to us, without TIF support and they must have realized how hard working our community is through their time here.”
“We are extremely confident in Phoenix Investors, because of their success in our city previously,” said Regina Duncan, Beloit City Council President. “We look forward to coming back in a few months for the ribbon cutting.”