The deal has finally closed that will give new economic life to Twinsburg and the surrounding region.
The former Chrysler Stamping Plant on East Aurora Road was officially purchased Thursday by developers from Scannell Properties, based in Indianapolis and DiGeronimo Cos. of Independence, according to the city.
The previous owner, Maynards Industries Ltd., sold most of the equipment from the facility, said Larry Finch, Twinsburg’s community planning and development director. After they sold what they could, they sold the property.
“Fortunately for us the sale is to a group that has commercial industrial property development experience,” Finch said.
The DiGeronimo family has been involved in heavy construction and demolition for years.
“The ingredients are basically there with the experience to deal with the site,” Finch said.
While the city didn’t take any part in the deal between the companies, Finch said Twinsburg’s desire is to keep the 167-acre property industrial because of its railway connection and proximity to major highways such as I-480.
“Logistically it’s pretty well positioned,” Finch said.
The city will work with the developers to promote the site and help bring new companies in.
“It’s in our best interest for them to be successful here and build new buildings and bring in employees,” Finch said.
“We are aggressively moving forward to bring new industries and jobs to Twinsburg,” said Mayor Katherine Procop in a press release. “We have found a development team committed to Twinsburg’s long-term success and the revitalization of the Chrysler facility and surrounding land.”
Finch also said there have been discussions with potential tennants, but nothing has been “nailed down” so far.
“They’ve had some interest and pieces of the site,” Finch said. “But interest and actually developing the property is a pretty long stretch.”
While right now the property is one giant piece, Finch said it could be parceled out in seven separate pieces for different occupants.
“It depends on what the market tells them they can do,” Finch said.
That diversity in the industrial sector would be an advantage for the city. Finch said the more businesses there are, the more likely they will withstand cycles in the business market.
While the number of employees brought in by new industry might not compare to Chrysler at its peak, Finch believes new business could bring around 3,200 new jobs to Twinsburg along with $128 million in wages, $2.5 million in local income tax revenue and $4.5 million in income tax to the state of Ohio.
Another positive note comes from an environmental standpoint. Because of the nature of the stamping plant, Finch said there wasn’t much contamination on the site. While there are some oils and solvents on the site, the environmental contamination is “not very extensive”.
Once things get rolling, the property could see demolition as early as this summer.