Spec building planned
Plans for a new speculative building, which could bring more industrial business to Tiffin, were announced Tuesday.
According to a release from Seneca Industrial and Economic Development Corp., a speculative industrial building — a structure built to provide an empty facility ready to move into — is to be constructed on an 11.3-acre site at Shawhan Avenue and Tyber Road in Eagle Rock Business Park.
A group of private investors have acquired the site and are to build the 50,000-square-foot structure. The building, which is expandable to 200,000 square feet, will include office space. SIEDC officials believe a shell of the building could be complete by next summer.
Earlier this year, SIEDC President and CEO David Zak said making progress on this spec building was one of his organization’s biggest goals for 2017.
In July, Tiffin Mayor Aaron Montz announced plans for the city’s newest spec building.
“I’m excited,” he said. “This gives us a brand new, marketable space … (we can) attempt to lure a manufacturer into our community to provide good, high-paying jobs and bring in more tax revenue.”
Montz said the building will allow the city to be open to opportunities.
“A spec building will give Tiffin a competitive edge when we are courting manufacturers seeking to locate or expand in our area,” he states in the release. “Having the space available and customizable is attractive to a company looking to locate quickly and begin production.”
Denny Kerschner, SIEDC economic development committee chair and the owner of a previous spec building in Tiffin, said spec buildings are an easy choice for businesses because of their
“It is critical to have a new building like this in order to compete for new projects,” he stated in the release.
The building that houses Tiffin Insulators was a spec building spearheaded by SIEDC in 2006.
Tiffin City Law Director Brent Howard said the 41,250-square-foot spec building was sold by SIEDC about a year ago. SIEDC previously was leasing the building to Tiffin Insulators before it was appraised and sold.
Once the building was sold, the agreement was for SIEDC to pay the city the value of the land. Howard said $67,035 was paid to the city for the land after the spec building sold.
The new building is to have a similar arrangement, with the city giving the land to investors and being paid back the value of the land after it is sold.
The Quick Tab II facility, located in Airport Industrial Park, also was a spec building constructed in 1994.