SRC Holdings Corp. is planning $75 million-$100 million worth of developments through its new 10-year plan, according to company officials.
The group of remanufacturing businesses intends to expand existing Springfield properties to the tune of 1.1 million square feet over the next decade, company officials told Springfield Business Journal. SRC currently has over 2 million square feet across nine properties in Springfield.
Officials said the expansion plans, by 2025, would create more than 900 jobs, some of which would be at SRC facilities in Kentucky and Illinois.
“We’re working on the factories of the future," SRC CEO Jack Stack said. "And we’re working for the people of the future."
Crews next week are slated to break ground on an expansion of SRC Logistics at 2607 N. Mulroy Road, in the city’s northeast, with a goal of completion by December.
An SRC video shared with SBJ unveils the 10-year plan, beginning with the 135,000-square-foot Phase II of the Mulroy facility, which was built last year at 165,000 square feet. A Phase III warehouse and manufacturing building to the north of the current plant would add another 250,000 square feet, though a timeline is not yet set as it's "dependent on growth," according to the video.
“Historically, SRC employee-owners have doubled the value of the company five years after every recession,” the video introduction says. “As we enter the recovery, we’re ready to do it again.”
At the company's 43-acre East Sunshine Street campus, the plan calls for a 120,000-square-foot facility expansion. The 2401 E. Sunshine St. property – which houses businesses such as SRC Electrical LLC and The Great Game of Business – would be 445,000 square feet with the expansion.
Additionally, SRC officials are looking at developing roughly 70,000 square feet of office, retail and restaurant space fronting Sunshine Street, as well as a 50,000-square-foot self-storage building on the rear portion of the property.
At Chestnut Expressway and Pythian Street, a planned 140,000-square-foot building would be used for expansion or a possible retail space, according to the video. The existing building houses NewStream Enterprises.
The plan also calls on a smaller expansion of SRC Automotive Inc. on West Calhoun Street to bring the facility to 211,000 square feet.
“Our infrastructure is in place to take on growth,” the video concludes. “We are ready to take the next step.”
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