The former Goodyear Tire property in Gadsden has been purchased by an investor group, Mayor Craig Ford recently announced.
According to Ford, Phoenix investors plans to utilize the 3 million-square-foot facility for a multi-tenant complex. The commercial real estate firm revitalizes unused facilities to become suitable for the occupancy of large manufacturing sites.
The complex’s potential tenants could employ as many workers as the former Goodyear facility, said Ford.
“This acquisition is a game-changer for Gadsden,” said Ford, according to The Gadsden Times. “With this deal, a nationally recognized development firm can locate up to 40 companies within the 2.9 million square feet of available industrial space.
“Over time, those companies could collectively create as many as 1,200 jobs, which is the same level of employment Goodyear had at its closing. I am looking forward to working with company leaders to maximize job creation and economic impact.”
According to Ford, the facility’s purchase is an indication “that Gadsden is on its way up, and the related growth we’re about to see will only bring more good news.”
Frank Crivello, founder and chairman of Phoenix Investors, praised the strength of the local area’s workforce.
“Gadsden and Etowah County are known for their strong ethic, and we look forward to providing quality jobs to the area through the revitalization of this property,” said Crivello. “This campus has tremendous potential, and we are honored to add it to our Portfolio.”
In April 2020, Goodyear announced the company would shutter its Gadsden facility, which resulted in the loss of around 400 jobs for the community. According to The Times, Goodyear held a presence in the city for nearly 90 years serving as a cornerstone of the local economy.
The outlet reported that the facility, which sits on 156 acres of land, was renovated in 2015. The property includes 30 dock doors that hold the capacity to clear heights up to 30 feet. Located in close proximity to Interstates 759 and 59, the facility provides ample car and trailer parking, as well as rail access.
Phoenix Investors plans to make cosmetic improvements in an effort to serve as an attractive location for “high-quality users,” according to The Times.
The property is centrally located between Atlanta, Birmingham, Huntsville and Chattanooga. Given the quality of Etowah County’s workforce, local leadership hopes these factors will drive the recruitment of potential tenants.
“It is exciting to have the opportunity to work with a nationally recognized leader in repurposing manufacturing facilities,” said David Hooks, executive director of the Gadsden Etowah Industrial Development Authority. “Phoenix Investors’ presence in Gadsden will bring global attention to our community. We look forward to having them in the city of Gadsden, Etowah County, and the state of Alabama.”
Dylan Smith is the editor of Yellowhammer News. You can follow him on Twitter @DylanSmithAL
