Purchase of Twinsburg Chrysler Plant is Complete

Purchase of Chrysler Stamping Plant Complete
Developers and City Look to Attract Jobs to New Business Park

TWINSBURG, Ohio (July 14, 2011) -- What once stood as the cornerstone of Twinsburg's economic success, the former Chrysler Stamping Plant will undergo significant redevelopment as new owners from Scannell Properties and DiGeronimo Cos. closed on the purchase of the facility and property earlier today. The redevelopment ushers in a new era for the city and the Northeast Ohio region.

"We are aggressively moving forward to bring new industries and jobs to Twinsburg," said Mayor Katherine Procop. "We have found a development team committed to Twinsburg's long-term success and the revitalization of the Chrysler facility and surrounding land."

While the purchase price has not been released, the facility and 167 acres will be turned over to the DiGeronimo Cos., based in Independence, Ohio, and Scannell Properties, based in Indianapolis, from Maynards Industries, the Canadian liquidation company that brought the property in March 2010. Much of the stamping plant's equipment has already been sold off during the past year.

The development plans call for tearing down about 65 percent of the 2.2 million square-foot facility, according to Timothy Elam, development manager, for Scannell Properties. The remaining 800,000 square-feet would include the high bay section of the building and is move-in ready.

Larry Finch, Planning and Development Director for the City of Twinsburg, said the development plans are flexible depending on what type of industries are attracted to the site.

"The first two development projects on this site will determine how the rest of the project gets developed," Finch said. "We have already seen interest from companies both in and outside of Ohio. They recognize the potential for their success based on our location, workforce and the benefits of living and working in Twinsburg."

If fully developed, the nearly two million square feet of industrial facilities could bring significant job growth and revenue to the City, according to Finch. If the buildings are valued at $70 per square foot, the total market value of the property would be more than $200 million, producing more than four million dollars in unabated property taxes.

Conservative estimates show the potential for nearly 3,200 employees, $128 million in wages, $2.5 million in local income tax revenue and $4.5 million dollars in income tax to the state of Ohio.

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News & Politics

Tags:

• Twinsburg
• Chrysler
• Cornerstone
• Business
• Park
• Economic
• Development