BELOIT - Hendricks Commercial Properties (HCP) is in talks with the Greater Beloit Economic Development Corporation (GBEDC) to purchase a 40-acre parcel at 720 Gateway Blvd. for future spec buildings, according to GBEDC Director Andrew Janke.
Janke said the GBEDC and HCP are going back-and-forth on terms and conditions, with a goal of trying to close the deal around Jan. 1 or shortly after.
Construction on the two 100,000 square-foot spec buildings could start in the spring, he said.
No tenants have been identified or announced by HCP, Janke added.
"There's a lot of demand for this type of space," Janke said.
Hendricks Commercial Properties President and CEO Rob Gerbitz said the development could be a similar spec space complex that was converted for Seal Rite Door and Toledo Molding and Die along Willowbrook Road, but stressed that future tenants for the 720 Gateway Blvd. site could have HCP make adjustments to accommodate specific uses. The future site is located south of East Colley Road and near Kettle Foods and the I-39/90 Beloit Travel Wisconsin Welcome Center along Gateway Blvd.
The GBEDC could also increase a grant funding proposal from $18,400 to $25,000 for the expansion of the Oaks subdivision in Beloit, a plan that could add 26 additional single-family units. The effort is led by Shopiere Oaks LLC, a HCP-formed company.
In July, the GBEDC had considered offering funds for water infrastructure improvements at the site of the home expansion, but Janke said after discussion the executive committee decided it would be more appropriate if the grant HCP was applying for was designated for general infrastructure projects, rather than one specific infrastructure type.
Janke said the subdivision expansion was needed in Beloit due to the lack of housing stock.
"We've always been involved in workforce development issues, but more recently our employers in Beloit have been telling (the GBEDC) of all the challenges they are having in attracting workers, and having an absence of quality homes in the market has been an additional barrier for Beloit employers," Janke said.
The grant request will be reviewed by the full GBEDC board at the Sept. 12 meeting, according to Janke.
In other news, Janke said a plan to develop townhouses in the Gateway Business Park on a 15-acre site was "not dead," following little movement on the plan since the spring. Janke said the GBEDC has hired a third-party adviser to look at developer Scott Ward's financial statement, noting the plan is still "in the analysis phase."
"We're clearly not going to see any of those units this year, but we are still working with that developer," Janke said.