UPDATE ON RECENT ECONOMIC

Report
Presentation to
Rotary Club of Beloit
November 26, 2013
Larry N. Arft, City Manager
608-364-6614
UPDATE ON RECENT ECONOMIC
DEVELOPMENT ACTIVITY:
On-Going and New Projects
Slides provided by Greater Beloit Economic Development Corporation
Gateway Business Park
Marketing Update
Marketing Kit Complete
• Uploaded to website
• Print copies available
New real estate signs have been
produced and installed
September Real Estate Broker &
Developer Open House
September Real Estate Broker &
Developer Open House
 70+ Attendees
 Attorneys, Accountants, Architects, Appraisers, Bankers,
Brokers, Contractors, Developers, Engineers, Lawyers, etc.
 Highlights
 Development Team, Trends & Opportunities
 Brokerage Agreements included in packets
 New RE & Development Video (RC is Ready, Are You?)
 Follow-Up & Preparation for O’Hare/Chicago Event (’14)
Print Ad
Campaign
 Targeted to the
Chicago Market
 Chicago Industrial
Properties
 Midwest Real Estate
News
 6 Month Campaign
 Print
 Website Banner E-Blasts
UPDATE ON RECENT
ECONOMIC DEVELOPMENT
ACTIVITY:
On-Going and New Projects
ECONOMIC DEVELOPMENT ACTIVITY
City Center
(Downtown)
Phoenix Project
 Hendricks Commercial Properties (Hendricks)
purchased the site in December 2011
 A public-private partnership will physically and economically
transform the 400 block of East Grand Avenue
 Hendricks is constructing a new,
four story, 40,000 sq. ft. building
on the site
 Three stories of residential
 Street level to be retail/service
businesses
 Completion scheduled for the fall
 Negotiating with several
qualified tenants
Photo source: Beloit Daily News
First National Bank & Trust Annex
Building
 1,500 Sq. Ft.
addition
 2,000 Sq. Ft.
renovation
 $800,000
investment
 Completion by the
end of the year
Beloit Inn Renovation
(Ironworks Hotel)
 Project Includes:
 Remodeled exterior and
interior, including rooms,
conference center and
common areas
 New registration desk
 New covered entry way
 Total renovation cost
$3,800,000
Ironworks Redevelopment
 Location: 655 Third St.
 $38 million renovation
 YMCA may relocate to the
south end
 In August the Board of
Appeals approved flood
plain variance
Universal AET
Manufacturer of Acoustic, Emission, and Filtration
Systems
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Has been leasing 30,000 square feet at the Ironworks
Recently leased an additional 106,000 square feet
May lease an additional 67,000 square feet
12 year lease
Create up to 50 jobs
$3,000,000 Investment
Clark Station
 New gas station and convenience
store at corner of Broad Street
and Park Avenue
 New 2,230 square foot building
 $1,200,000 Investment
Former KFC at SE corner of
Broad Street and Park Ave.
 Developer has taken out a
Conditional Use Permit to
open a Domino’s pizza
franchise at this location.
The Castle at 501 Prospect
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Wittnebel Family purchased
the former 1st Presbyterian
Church Street in November
2012
Renovation work underway
Gift shop/box office open
this year
Music classes begin soon
Root Cellar Café open by
the end of the year
Bell Tower Lounge and
Reception (Banquet) Hall
open in 2014
ECONOMIC DEVELOPMENT ACTIVITY
Milwaukee Road
(Highway Service)
U.S. Cellular Corporate Retail Store
 U.S. Cellular Corporate retail store under construction at corner
of Milwaukee Road and Freeman Parkway (former BP gas
station)
 3,000 square feet
 Completed by end
of the year
Beloit Health System
Cancer Center
 18,000 square feet
 $11.6 Million investment
 Construction scheduled to be complete by December 2013
Qdoba Mexican Grill
 New strip center at Cranston and
Milwaukee Roads
 Total of 5,700 square feet
 Qdoba Mexican Grill will occupy 2,500
square feet
 Balance of square footage will be
occupied by a yet to be determined
tenant
McBain Enterprises Strip Center
Development
 2850 Milwaukee Road
 New 9,000 square foot
strip center
 Arby’s will occupy 3,000
square feet of the
center
 The existing Arby’s will
be renovated to
accommodate a new
tenant
 $1,800,000 investment
ECONOMIC DEVELOPMENT ACTIVITY
Industrial Development
DuPont (Genencor) Expansion
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Expansion of production capacity
Adding 128,500 square feet
$30M in Capital Investment
Created 3 new jobs
GBEDC closed on $100,000 loan to support the project
Wisconsin Department of Commerce providing tax credit
allocation
 Two phase project
 Phase II- to be completed
by the end of the year
Beloit Precision
 Has an accepted offer to purchase a
3.4 acre site from the City of Beloit.
 The site is immediately adjacent to
their Beloit I-90 Industrial Park site
 Plan to begin construction on a new
18,000 square foot production
facility this fall
 Project will create 3-4 jobs
 Site will accommodate future
expansions
CCI/Blackhawk Transport H.Q. Project
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New H.Q. building for both businesses
To be located on Townhall Road (East of Gateway)
2 Story 16,000 square foot office building
$1,760,000 construction cost
Medical Radioisotopes
 Long term plan to develop a
production facility in The
Gateway Business Park that
utilizes linear accelerators to
produce isotopes used in
diagnostic medical imaging
 Company is currently looking
for an interim facility for
office/warehouse.
 Project continues to evolve
and more details will be
provided as they become
available.
ECONOMIC DEVELOPMENT ACTIVITY
General Commercial Developments
(City-Wide)
Woodman’s Markets
 Warehouse expansion
 21,546 square foot addition
 Project includes a new gas station, car wash and convenience
store
 Construction expected to be completed in 2014
 $3,5000,000 Investment
Casey’s General Store
 Corner of Cranston and
Shopiere
 4,353 Square Feet
 $2 Million Investment
 Project approved and
permits issued
 Ground was broken on
October 18, 2013
Piggly Wiggly
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Will occupy 50,000 SF of the 84,000 SF former K-Mart building
Tenant space has been created
$4 Million in private investment
Over 100 jobs
Pioneer Construction of Wisconsin was selected contractor in early
September
 Permits have been issued and construction is underway
Cherry Tree
Assisted Living
 72 total units located between Schuster 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
• Still pending approval
Associated Bank
 Expanding and constructing a new building
 3,831 square feet
 Out lot at the north end of the Eclipse
Center
 Construction began in August, 2013
 $2,600,000 investment
BUSINESS RETENTION
AND
EXPANSION ACTIVITIES
ROCK COUNTY
Business Retention & Expansion
Program – Rock County
 159 total visits
 132 Original (1 time) visit
 27 Repeat visits
 Survey Says……(since March ’12 Report)
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Increased Mergers, Acquisitions & Divestiture Activities
Increased Market Share
Slight decrease in New Product & Expansion Plans
Workforce Recruitment Challenges both increased and
decreased
Business Retention & Expansion
2009 to Sept., 2012
Sept. 2012 to present
Increasing
Market
Share of
Company’s
Key
Products
Business Retention & Expansion
2009 to Sept., 2012
Sept., 2012 to present
Companies
planning to
launch new
products.
Business Retention & Expansion
2009 to Sept., 2012
Sept., 2012 to present
Companies
with
expansion
plans
EDUCATION/WORKFORCE
DEVELOPMENT INITIATIVES
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Mock Interview Program
Reality Store
Business Education Summit
Support Challenge Day
Inspire Rock County
- “Live” System (October 2013)
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54 Company Profiles Registered
59 Career Coaches Identified
125 Work-Based Learning Activities Catalogued
200+ K-16 Personnel Trained
All RC Districts & Higher Education Engaged
 Work Today Program
Economic Development Activity
Summary of Current Economic Development Activity
Total
Number of Jobs
New
Square Feet
Value
356
314,160
$219,967,000
Summary of Economic Development Activity Since 1999
Total
Number of Jobs
New
Square Feet
Value
3,670
3,969,695
$1,393,641,712

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