January 2016

Korte Company Begins Warehouse Construction at America’s Central Port

For Immediate Release:
January 22, 2016
For additional information:
Todd Imming
The Korte Company
(618) 654-8611
todd.imming@korteco.com

 

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Korte Co. begins construction on 100,000 square foot warehouse facility at America’s Central Port in Madison, IL.

The Korte Company will begin construction on a 100,000 square foot design-build warehouse facility within America’s Central Port, located in Madison, IL, just 5 miles north of downtown St. Louis. The tilt-up structure, located at the region’s only full-service, public intermodal port, will include warehouse and office space for a private tenant.

America’s Central Port’s business and industrial park currently contains over 1.7 million square feet of rail-served warehouse space, and approximately 70,000 square feet of office space with access to the Mississippi River, four interstate highways and six Class I railroads. This new development is the first phase of an industrial park expansion project at the Port that calls for up to 1 million square feet of new rail-served warehousing space.

America’s Central Port continues to expand economic growth for the region. With access to rail, water and trucking transportation options, the Port offers an ever growing number of benefits and services to not only the St. Louis Metro area, but the entire Midwestern Region.

According to Todd Korte, President and CEO of The Korte Company, “We are pleased to be partnered with America’s Central Port, whose positive economic impact continues to benefit the 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.

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.

 

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America’s Central Port Closes on Financing for Warehouse Project

FOR IMMEDIATE RELEASE
January 22, 2016
More Information:
Megan Dittman
618-452-8422

                                                                                                                              

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Rendering of new 100,000 square foot warehouse facility being constructed at America’s Central Port

 

 

 

 


Madison County, IL:
Dennis Wilmsmeyer, Executive Director or America’s Central Port, announced today 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 warehousing 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 an expanding Port tenant and a 26,000 square foot bulk storage building to support the Port’s new, public harbor facility.

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 December 31, 2015, and construction is already underway on the first warehouse building.  Construction of the bulk storage facility is scheduled to start this spring.

“We are grateful for the investments made by 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.  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,” Dunstan stated.

America’s Central Port District manages a 1,200 acre intermodal business and industrial park in Madison and Granite City, Illinois, and has an annual economic impact of $282 million on Madison County. Its development territory is composed of over 200 square miles in western Madison and southern Jersey counties in Illinois.

 

 

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