As reported on The Register-Mail
GALESBURG — The former Maytag site that has sat dormant since 2004 has a new tenant.
Phoenix Investors, who purchased the 1801 Monmouth Blvd. Maytag facility in June 2019, announced Monday that Corteva Agriscience would lease 300,000 square feet of the newly renovated building.
The Register-Mail has reached out to Corteva, Phoenix and the Knox County Area Partnership for Economic Development for comments on how many jobs this facility will bring to Galesburg and what function this facility will fulfill, with no answer thus far.
The facility will reportedly open this fall upon the completion of Phoenix Investors’ renovation work on the building.
In a press release announcing the new tenant, Corteva is described as “a major American agricultural chemical and seed company” that was the agriculture division of DowDuPont, before being spun off as its own independent company.
It is also the owner of subsidiary Pioneer Hi-Bred International, a U.S.-based producer of genetically modified seeds that has already been a presence in the area with its corn and soybean facility in Woodhull.
KCAP President Ken Springer told The Register-Mail that this purchase is part of a larger pattern in Galesburg of “the adaptive reuse of many underutilized and vacant buildings.”
“These include the former Armory building, the former Walmart on Henderson Street, the former Outboard Marine Corp. industrial building on McClure St., the former Shopko building, the former JC Penney Building, the former K-Mart building, the former Aldi building on Main Street and now the former Maytag manufacturing facility,” he said. “Step by step, this community is revitalizing itself. We still have a ways to go, but there is no denying that significant progress has been made in just a few short years.”
He went on to call the new facility a “major win for our community.”
“For years, that facility has sat vacant and served as a painful, daily reminder that our region lost a key industry years ago,” he said. “Seeing that building put back into productive use once again, to me is another clear symbol that this community is finding our way forward in the 21st century and that our best days still lay ahead of us.”
About Phoenix Investors
Founded by Frank P. Crivello in 1994, Phoenix Investors and its affiliates (collectively “Phoenix”) are a leader in the acquisition, development, renovation, and repositioning of industrial facilities throughout the United States. Utilizing a disciplined investment approach and successful partnerships with institutional capital sources, corporations, and public stakeholders, Phoenix has developed a proven track record of generating superior risk-adjusted returns, while providing cost-efficient lease rates for its growing portfolio of national tenants. Its efforts inspire and drive the transformation and reinvigoration of the economic engines in the communities it serves, currently encompassing over 30 million square feet. Phoenix continues to be defined by thoughtful relationships, sophisticated investment tools, cost-efficient solutions, and a reputation for success.