Six hundred eighteen acres of prime real estate development, and with every new foundation laid, the city of Beloit is watching the dollar signs grow.
"As a stateline community, we had to plan for growth. It was significant for the tax base and new jobs but also building population by bringing in new opportunities," says economic development director Andrew Janke.
The dirt is being moved to make way for Hawk's Ridge Apartments, a new luxury complex that will boast 320 apartments.
"It's got some great amenities, club house, pool, underground parking," says Janke.
The Gateway Business Park was born about a year and a half ago after more than six years of preparations.
"It's a master plan, mixed-use park. It has property available for industrial development, warehouse, office, residential, multi-family and single family development," says Janke.
So far the Gateway Estates apartment complex has been completed, three of the 16 single family homes are finished and a 40,000 square foot facility for AMP Electric is up and running and Andrew Janke says there a several big projects still in the works.
"The projects we have in the ground and to be completed in the next two to three years, we are forecasting total assessed value around $37.5 million," says Janke.
The city believes the Gateway Business Park will serve as the entryway to increased economic development for Beloit and the stateline region.