Two Iowa Companies to Utilize Proposed Cedar Rapids Buildings
Two Iowa companies, one based in Cedar Rapids, plan to be the tenants of new buildings on the city's southwest side. Combined, the two projects represent a capital investment of nearly $19 million.
Earlier this week, the Cedar Rapids City Council gave unanimous approval for incentives from the city for two new buildings. Together, they'll be approximately 150,000 square feet, nearly 3 1/2 acres.
During a presentation to the city council, Caleb Mason, the city's economic development manager said the first building would be used as a distribution facility and bakery for Hy-Vee. The $8 million, 50,000 square-foot warehouse would be constructed at 655 Capital Drive SW.
The other building would be 100,000 square feet and be Worley Warehousing's new company headquarters. It would cost $10.9 million and be built at 10025 Atlantic Drive SW. The Corridor Business Journal says both of the new warehouse buildings would be in Cedar Rapids' Midwest Commerce Park and be developed by LLC's of Tiffany Earl Williams.
Worley Warehousing, based in Cedar Rapids, has "nearly 2 million square feet of facilities in the eastern Iowa corridor," according to their website. Mason told the Cedar Rapids City Council that a new business is coming to Cedar Rapids that has already made an agreement to purchase Worley's existing headquarters.
*The locations of the proposed warehouses are indicated by the red markers below. Hy-Vee's would be near Blue Pearl Pet Hospital while the Worley Warehousing building would be further south.
The two new projects would generate an additional 40 jobs in Cedar Rapids while maintaining another 20. The number of jobs created and an hourly rate of at least $24.40 per hour meets Cedar Rapids' High Quality Jobs program. Corridor Business Journal says that allows for a 50% payback of increased taxes, for 10 years.
Cedar Rapids City Council member Scott Overland said, “Our local investment in warehousing is definitely paying off, and it’s leading to more and more projects.”
As the two projects continue to move forward, the city council will likely vote on a development agreement for each sometime in July.
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