BELOIT—A prospective property sale in the Gateway Business Park could pave the way for two industrial speculative buildings totaling one million square-feet and represent substantial future job growth, according to the Greater Beloit Economic Development Corporation (GBEDC).

The GBEDC executive committee approved a letter of intent Wednesday to sell the 42.5-acre property at 1505 Gateway Blvd. to Phoenix Investors LLC.

GBEDC President Andrew Janke said Phoenix is proposing to build two, 500,000-square-foot industrial speculative buildings on the property.

“The Greater Beloit community continues to see strong demand for quality industrial space and clearly Phoenix Investors experience in the market recognizes that need and will capitalize on it with their plans to potentially build two 500,000-square-foot buildings,” Janke said. “The GBEDC looks forward with great excitement at the potential that this project will bring by leveraging significant private investment and new job creation.”

The Milwaukee-based real estate and development company currently owns and operates One Reynolds Drive in Beloit, the former Alcoa building located in the Interstate 90 Industrial Park.

Phoenix affiliate companies hold interests in industrial, retail, office and single tenant net-leased properties in excess of 32 million-square-feet across 21 states, according to the company’s website.

In other business, the GBEDC committee approved a resolution in support of the Blackhawk Technical College referendum for building the college’s Public Safety and Transportation referendum.