- Economic Development
- Cornerstone Business Park
Cornerstone Business Park
Progress at Cornerstone Business Park
Five years have passed since the closing of the Twinsburg Chrysler Stamping Plant, which closed its doors officially in July, 2010 as a result of the bankruptcy and reorganization of the Chrysler Corporation. The large 167-acre site, located on the western entry of the City, had been improved with more than 2.2 million square feet of industrial buildings, as well as several thousand square feet of supporting parking and rail spurs. It was the cornerstone of Twinsburg’s economic and community development since its construction in 1957, providing employment opportunities to thousands and millions of dollars of income to the City of Twinsburg.
The loss of economic activity and the disruption of the lives of the workers had immediate impacts. Workers were faced with difficult decisions about their own futures while the City faced substantial revenue losses and the stigma associated with a large vacant industrial building situated on the main approach to the City. After the sale of the property to a salvage company, the City’s fears heightened. All elements of value were sold and the property stripped, leaving only the building shell.
Fortunately, the salvage company had no long-term plan for the property and it was sold to an investment group with local ties. The new owners, Scannell Properties and the DeGeronimo Family Trust, possessed the resources and vision necessary to take on the risk of such a large redevelopment project. The new owners and City partnered in the application and acquisition of financial support which was provided by the State of Ohio. This support in combination with the owner’s substantial investment and vision made it possible for the old industrial structures to be removed and the site improved.
Today, the new Cornerstone Business Park is actively being improved and promoted to the industrial and business community. Success has been at least partially achieved at this early date. A local company, Vistar, expanded on the site with a 137,000 s.f. distribution facility in 2013. The decision to expand locally meant that the 50 existing employees and company were retained in the City.
Construction is currently underway to complete a 303,000 s.f. package distribution center for FedEx. This facility should be operating by late 2015. At least 48 full-time employees and more than 200 part-time employees will operate out of this facility.
Construction is also underway on a 207,000 s.f. multi-tenant industrial building. The first 30,000 s.f. tenant has been secured and others are showing interest.
More than 100 acres remain to be developed at Cornerstone Business Park. A roadway network is under construction that will provide access to all interior lots and utility infrastructure is being completed. This former Chrysler property will once again serve as the cornerstone of the City’s economic future.