TWINSBURG — Two more new buildings are about ready to spring up at Cornerstone Business Park as that acreage moves toward total buildout.
City Director of Planning and Community Development Larry Finch said crews are preparing the property for a 404,000-square-foot distribution center for O’Reilly Auto Parts and a 276,000-square-foot spec building, for which no tenants have been announced yet.
He said city officials are particularly excited about the O’Reilly project because it is expected to result in 350 to 400 jobs coming to Twinsburg, with 90 percent being full-time.
"Whereas many of the jobs at some of the other businesses in the park are part-time, the O’Reilly distribution center is expected to be mostly full time," he said. "That will boost city income tax revenue."
O’Reilly officials say the project will be worth about $30 million and will result in a payroll of about $11 million a year. The site measures 27.8 acres and is east of Chamberlin Road and south of Cornerstone Parkway near the back of the business park.
The Twinsburg Planning Commission approved a final site plan for the building in March, and Twinsburg Council granted a 50 percent, 15-year tax abatement in April. The structure is expected to be completed in fall 2019.
The two new buildings will be located near the back of the business park.
The new spec building, also approved by the planning panel in March, is awaiting approval by Council. It will be the second such building on the site of the former Chrysler Stamping Plant on Route 82, just east of Chamberlin Road.
The first, a 207,000-square-foot structure, houses Curbell Plastics, Dunkin Donuts Consumer Products Division, Bridgestone’s tire wholesale warehouse and Berlin Packaging.
"We are very excited about these projects," project engineer Matt Weber of Scannel Properties told the planning commission in March. Scannel of Indianapolis, along with DiGeronimo Cos. of Independence, are developing the site.
"We’re thrilled that another part of the business park will be built up," said Finch. "The O’Reilly project is a substantial investment, and the job count is significant. We’re ecstatic to see the park being filled up.
"We’re thrilled that companies are looking at Twinsburg — and this site in particular — to locate facilities," he added, noting there are now about 650 full-time employees and 750 part-timers working at the Cornerstone businesses.
Finch said although the business park has not yet provided the tax revenue the Chrysler Stamping Plant generated, "we’re getting a significant amount of money and the potential is there when the park is built out to return the tax revenue level to the Chrysler days."
Mayor Ted Yates also welcomes the coming of new businesses to Cornerstone.
"O’Reilly coming in was great news for the city," he said recently. "We work hard to attract new businesses, and Cornerstone Business Park has performed much better than we expected. O’Reilly’s $11 million in anticipated payroll is welcome."
After the Chrysler Stamping Plant closed, the site was sold to Scannell Properties and DiGeronimo Cos., and the two firms invested about $14 million to clean up the property. The state provided about $5 million to prepare the site for redevelopment.
Four large buildings have been erected on the 167-acre property since the 1.8 million-square-foot Chrysler plant closed in 2010 and was demolished several months later.
Vistar, a division of a national distributor of snacks, candy and beverages, was the first building (137,000 square feet), opening in 2013.
Then came Federal Express’ package sorting facility (303,000 square feet) in 2015, the Amazon distribution center (248,000 square feet) in 2016 and the first spec building.
"We believe that when the business park is built out, the tenants will provide more total jobs than when the stamping plant was in operation," said Terry Coyne, vice chairman of Newmark Grubb Knight Frank’s Cleveland office and the commercial real estate agent for the property.
"I’m surprised at how quickly the park has filled up, and that there are several companies that have brought a lot of jobs here."
Coyne said there are no confirmed tenants for the new spec building, and that the only vacant properties left at the park amount to 17 acres and 5 acres. "We’re hoping to attract a high-profile tenant for the 17-acre parcel," he said.
"We’re hoping those final two parcels will bring businesses with large employee counts," added Finch. "The future looks bright, but, of course, we’re always subject to the whims of the market and what shape the economy is in."
Reporter Ken Lahmers can be reached at 330-541-9400 Ext. 4189 or firstname.lastname@example.org