GRANITE CITY – Dennis Wilmsmeyer, Executive Director for America’s Central Port, announced Jan. 22 that the Port has closed on financing for the first phase of its warehouse expansion project.
The port’s development plan calls for the construction of up to 1 million square feet of new, rail-served manufacturing and warehouse space on the site of the former U.S. Army Charles Melvin Price Support Center.
Since the base’s closure in 2000, the Port has been redeveloping the property as an intermodal business and industrial park. To date, the Port has attracted over $350 million in new development.
This latest project includes the construction of a 100,000 square foot warehouse for The Korte Company of St. Louis, MO. and a 26,000 square foot bulk storage building to support the Port’s new public harbor facility.
The Korte Company’s project expertise includes building for federal, state and local government agencies as well as the design and construction of healthcare facilities, medical office buildings, warehouse/distribution centers, religious facilities, commercial buildings, schools, recreation centers and office complexes.
“We are pleased to be partnered with America’s Central Port,” Todd Korte, President and CEO of The Korte Company said, “whose positive economic impact continues to benefit an entire area.”
The Korte Company, founded in 1958, is headquartered in St. Louis, Missouri, with offices in Highland, Illinois; Norman, Oklahoma; and, Las Vegas, Nevada. The company manages, on average, an excess of $200 million in annual construction volume.
Project financing included an $8.5 million allocation of New Market Tax Credits from Heartland Regional Investment Fund. U.S. Bancorp Community Development Corporation is the tax credit investor and Pulaski Bank is the lender.
Financing for the deal closed on Dec. 31, 2015, and construction is already underway on the first warehouse building. Construction on the bulk storage facility is scheduled to start this spring.
“We are grateful for the investments made by the Heartland Regional Investment Fund, U.S. Bancorp Community Development Corporation and Pulaski Bank,” said Ben McCall, Senior Planner of America’s Central Port. “Their partnership was key to making this project a reality. We’re excited to start the next phase of our redevelopment plan for the property and to be able to support the growth of a local business.”
Madison County Chairman Alan J. Dunstan said the warehouse expansion project is central to the expanding viability of the Port.
“America’s Central Port is one of Madison County’s best resources for job creation and long-term economic prosperity,” he said. “The warehousing project will allow the Port to meet the demands of businesses and developers looking to capitalize on the intermodal distribution capabilities at the Port and at other locations in Madison County.”
American’s Central Port District manages a 1,200-acre intermodal business and industrial park in Madison and Granite City and has an annual economic impact of $282 million on Madison County. Its developmental territory is composed of over 200-square miles in Western Madison and southern Jersey counties in Illinois.
