Speedway Plans $42M HQ Expansion, 200 New Hires to Support Andeavor Acquisition
ENON, Ohio — Speedway LLC is embarking on a major headquarters expansion as its retail network grows.
Documents show the company has proposed building a 140,000-square-foot building between its existing facilities that would create an enclosed campus setting, according to the Dayton Business Journal.
This project, one of two that Speedway is exploring, would cost between $42 million and $48 million and create 200-plus jobs over the next three to four years. It may also involve the relocation of all or some of the 229 employees who currently work at Speedway's Springfield facility. They would move to the proposed new site in Enon.
Speedway's other proposal involves a multi-site plan that provides "ample access to talent and proximity to its stores across the country," the company said. This proposal could also include two out-of-state sites.
The company requested a 100-percent tax abatement for 15 years to facilitate the project, according to the news report. This would cover site work, new construction and renovations, equipment and more. This is necessary to help offset costs associated with the project, Speedway said in documents.
"The ... abatement will be an instrumental part of the business case for the Enon location as it reduces ongoing operating costs to help make Enon a cost-effective site for expansion," the company said.
The Board of Clark County Commissioners approved this request on Oct. 24.
The project is likely to begin during the fourth quarter of this year and be completed during the second half of 2020.
The proposal comes soon after Marathon Petroleum Corp. (MPC), Speedway's parent company, closed on its $23.3-billion merger with San Antonio-based Andeavor. Following the acquisition, Speedway plans to use the new hires in its corporate and support operations to facilitate planned growth of 1,100 new c-stores in 15 states.
Enon-based Speedway LLC is the retail arm of Findlay-based MPC. It owns and operates approximately 4,000 retail convenience stores across the U.S.