SPRINGFIELD, JANUARY—Announcing the deal in the final days of 2015, SRC Holdings Corp. subsidiary Southwest Missouri Investments Inc. purchased the former Regal Beloit manufacturing plant on East Sunshine Street.
The real work began this year.
SRC Holdings CEO Jack Stack said the $11 million purchase would give the company additional storage in the short term and the ability to manufacture motors and components in the long term.
By April, Stack had received a half-dozen unsolicited requests to sell land in front of the 325,355-square-foot Regal Beloit building, which sits on 43 acres. The frontage is worth an estimated $4 million.
“It is a hot, hot property,” Stack said. “Twenty-four hours after we announced formally we were moving into the building, we got our first phone call.”
At the 2401 E. Sunshine St. manufacturing site, 7 acres fronting the high-traffic corridor could be repurposed for retail, but Stack declined the requests of the unnamed callers – one “burger stand” and an outpatient health center – because he said the company is too busy internally.
Dubbed the SRC Technologies building, the facility was prepped for SRC Electrical LLC, SRC Electronics, Global Recovery Corp. and The Great Game of Business. Mechanical, electrical and plumbing engineering work started in early March, according to the five construction permits approved by the city.
Stack said the company spent half of its $3 million renovation budget.
By the end of May things were in motion across the SRC footprint as companies moved into the new center. SRC Logistics Inc. expanded its footprint by 140,000 square feet at the holding company’s 2065 E. Pythian St. plant, investing $700,000 in an expansion that created 50 jobs. The move was made possible by subsidiary Global Recovery Corp. relocating to the former Regal Beloit building.
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