Twinsburg -- Construction could start as early as this summer on a fourth building at Cornerstone Business Park, a single-tenant, 248,000-square-foot warehouse and distribution center that will house a sixth business at the former site of the Chrysler Stamping Plant.
Mayor Ted Yates said the as-yet unnamed new business should be operational by November. "We can't announce the name of the tenant yet," Yates said. "We're trying to fast track everything going through the city right now. We're rushing to get this thing up and built."
Scannell Properties of Indianapolis, Ind., which owns the industrial park at the corner of Rt. 82 and Chamberlin Road, is constructing the building.
Tim Elam, managing director of Scannell Properties, did not return a call seeking comment.
The Twinsburg Planning Commission on May 2 approved the final site plan and preliminary subdivision plat for the facility.
The city will look to authorize a 7-year, 50-percent property tax abatement for the project site through its Community Reinvestment Area program.
The Twinsburg Board of Education unanimously approved "good faith" companion legislation in favor of the city's abatement May 4.
Yates said the new business may also receive a separate tax incentive plan, based on jobs created.
"It should bring in about $100,000 in income tax revenue based on the amount of jobs," Yates said.
Twinsburg Director of Planning and Economic Development Larry Finch said the new building will be south of the FedEx facility. Developers will have to construct a short extension onto Independence Parkway, he said.
Finch said Scannell's investment in the new building is between $13 million and $14 million, and the facility will take up 15 acres of the 167-acre, industrially-zoned site.
"The project ... is expected to create a significant amount of full-time and part-time permanent job opportunities with a new annual payroll of $5 million," according to the companion BOE legislation.
A FedEx distribution plant (303,888 square feet, to the east end of the business park); a multi-tenant facility (207,360 square feet, west of FedEx); and Vistar (137,000 square feet, south of the multi-tenant facility), a vending machine distribution business, comprise the rest of the industrial park.
While the FedEx and Vistar facilities are single-tenant buildings, the multi-tenant building houses a Bridgestone Americas distribution center; a Dunkin' Donuts distribution center; and Berlin Packaging.
City officials have estimated that Cornerstone Business Park, once fully developed, could employ more than 3,000 people and bring in more than $2.5 million in income tax revenue.
Construction of the planned fourth building would leave about 60 acres undeveloped at the site, Finch said.
City Council President Sam Scaffide said he is excited about the project, and proud of the city and its leadership for turning an albatross into a jewel.
"We are very fortunate," he said. "It takes a lot to do what's going on out there. It could have ended up with a fence around it and 'no trespassing' signs."