BELOIT—New details have emerged regarding the plan to develop a 56-acre property in Beloit’s Gateway Business Park following a land sale approved by the Beloit City Council.
As previously reported by the Beloit Daily News, the council took action to approve the sale of 56.27 acres at 1901 Gateway Blvd. in the business park to Milwaukee-based Phoenix Investors LLC for $562,700.
City of Beloit Economic Development Director Jennifer Hall said on Monday the company will build a 500,000-square-foot, Class A industrial complex in Beloit.
“We are pleased that Phoenix sees such significant potential in Beloit, that they are stepping out of their standard revitalization model,” Hall said. ““The Gateway Business Park continues to attract quality developments adding quality jobs for our community.”
Phoenix Investors isn’t a stranger to development in Beloit. In 2017, the company acquire the former Alcoa industrial building on Reynolds Drive near the Milwaukee Road business corridor. The company renovated the 416,000-square-foot facility and filled the redeveloped space with new companies occupying the space.
“Our existing projects in the Beloit region are fully leased and we have demand for additional space there from prospective industrial tenants. This project will meet the market demand,” said Phoenix Investors Chairman Frank P. Crivello. ““We are grateful to the City of Beloit for its support for our project.”
According to City of Beloit officials, affiliates of Phoenix also own an 815,000-square-foot industrial complex in Edgerton in northern Rock County and a 590,000-square-foot complex in Jefferson, Wisconsin that saw major renovations and are now fully occupied. Phoenix’s affiliate companies hold interests in industrial, retail, office, and single tenant net-leased properties totaling approximately 46 million square-feet, spanning 28 states.