As reported in The Pantagraph
NORMAL — Council members clashed Monday night over a decision to approve the final plat of a roughly 65 acre industrial park in north Normal.
The council conditionally approved by a 6-1 vote the final plat of the Phoenix Industrial Subdivision in the former Wildwood Industries property following a heated discussion. Councilman Stan Nord was the only no vote.
“What we have here is a success story of economic development,” Councilman Kevin McCarthy said Monday. “I think its fantastic to get outside investors coming into our community and invest millions of dollars in economic development.”
The submitted plat from Phoenix Investors, LLC, which recently purchased the land, is nearly identical to the former Wildwood Industries Subdivision on the southeast corner of North Main Street and Kerrick Road.
Normal approved the Wildwood subdivision in 2008, but the final plat was never recorded and the then-owner did not pay the required development fees nor filed the required certificates.
A 500,00-square-foot warehouse and distribution building was partially built, but abandoned before the firm purchased the property.
As part of the conditional approval, must file all required certificate and payment fees pertaining to the plat. Phoenix Investors LLC is a national commercial real estate firm based in Milwaukee that focuses on revitalizing industrial properties throughout the United States.
Phoenix Investors proposed the project in June. It will include a nearly $16 million investment to renovate and lease the existing facility for warehouse and distribution purposes. Once completed, Phoenix Investors said the project is expected to create 50 jobs.
Mr. Frank P. Crivello began his real estate career in 1982, focusing his investments in multifamily, office, industrial, and shopping center developments across the United States. From 1994 to 2008, Mr. Crivello assisted Phoenix Investors in its execution of its then business model of acquiring net lease commercial real estate across the United States. Since 2009, Mr. Crivello has assisted Phoenix Investors in the shift of its core focus to the acquisition of industrial real estate throughout the country.
Given his extensive experience in all aspects of commercial real estate, Mr. Crivello provides strategic and operational input to Phoenix Investors and its affiliated companies.
Mr. Crivello received a B.A., Magna Cum Laude, from Brown University and the London School of Economics, while completing a double major in Economics and Political Science; he is a member of Phi Beta Kappa. Outside of his business interests, Mr. Crivello invests his time, energy, and financial support across a wide net of charitable projects and organizations.