Regal Beloit plant to be relisted as retail plans fold

This spring, it seemed new life would transition the former Regal Beloit manufacturing plant on East Sunshine Street into a retail center.

Those plans have fallen through, and neither the commercial property broker listing the vacated manufacturing space or city staff is willing to say what happened.

In late April, Ross Murray, vice president of commercial brokerage R.B. Murray Co., said the former Regal Beloit plant was under contract to be sold to a buyer he declined to name. He said the party was interested in developing a retail center at the 325,355-square-foot building, 2401 E. Sunshine St.

R.B. Murray listed the facility for sale in 2014 at $11 million for Beloit, Wis.-based owner Regal Beloit Corp. (NYSE: RBC). The manufacturer announced in July 2013 it was laying off roughly 330 workers over an 18-month transition period to shutter the plant as it transferred the manufacturing of motors and components from Springfield to other Regal facilities in the United States and Mexico.

Now, the plant is slated to be relisted by R.B. Murray in the first quarter next year. The sale price has remained steady at $11 million, according to RBMurray.com.

Murray declined to comment on the status of the property, but recommended earlier this month Springfield Business Journal reach out for information on the facility and 43 acre-property in 30 to 45 days.

The property is zoned within a heavy manufacturing district, which means a zoning change would have been required for it to be redeveloped as a new retail center. Springfield Planning and Development Director Mary Lilly Smith said since the would-be property owners took no official action with regard to rezoning or seeking development incentives, she would not comment on whether or what the city might have discussed with those under contract.

“Until an application is filed for some official action – [such as] rezoning, incentives, et cetera – I cannot comment on development cases,” Smith said via email.

Robert Cherry, vice president of investor relations for Regal Beloit, could not be reached for comment by deadline.