58 INC | Shelby County Economic Development Corporation

Background

Overview

58 INC, established in 2017, serves as Shelby County, Alabama's primary economic development corporation. The organization focuses on fostering innovation ecosystems, recruiting industrial, corporate office, and retail businesses, and partnering with major economic drivers across Shelby County and its municipalities. By collaborating with statewide, regional, and local economic developers, corporate communities, local government officials, private developers, The Shelby County Chamber, and Discover Shelby tourism and events team, 58 INC aims to attract and retain economic investment throughout the county.

Mission and Vision

58 INC's mission is to advance economic prosperity and business health through collaborative partnerships focused on targeted initiatives and business recruitment, ensuring a robust economy in Shelby County. The organization's vision is to make Shelby County the natural choice for businesses and residents by promoting balanced job growth in the commercial, retail, and industrial sectors.

Industry Significance

As the lead economic development entity in Shelby County, 58 INC plays a pivotal role in shaping the region's economic landscape. Its efforts in business recruitment, retention, and workforce readiness contribute significantly to the county's economic vitality and growth.

Key Strategic Focus

Core Objectives

• Corporate Growth: Lead the retention and attraction of major employers that export goods and services, enhancing the county's economic base.

• Retail Amenities: Support the recruitment of high-quality retail, entertainment, lodging, and mixed-use developments to serve residents, visitors, entrepreneurs, companies, and workers.

• Community Engagement: Assist Shelby County and its communities in making impactful economic development investments and collaborations that create jobs with major employers, activate the innovation community, and provide places for interaction.

Areas of Specialization

58 INC specializes in:

• Industrial Recruitment: Attracting manufacturing and industrial businesses to the region.

• Corporate Office Recruitment: Bringing corporate headquarters and office operations to Shelby County.

• Retail Recruitment: Enhancing the retail landscape by attracting diverse retail businesses.

• Workforce Development: Collaborating with educational institutions and training programs to ensure a skilled workforce.

Key Technologies Utilized

While specific technologies are not detailed, 58 INC employs data analytics and market research tools to inform decision-making and strategic planning.

Primary Markets Targeted

The organization focuses on attracting businesses from various sectors, including advanced manufacturing, automotive, chemicals, plastics, advanced materials, fabrication, data and IT, food and beverage processing, healthcare, medical devices, life sciences, and pharmaceuticals.

Financials and Funding

Funding History

As a non-profit organization, 58 INC's funding primarily comes from public and private partnerships, grants, and contributions from local government entities and businesses. Specific details regarding total funds raised and recent funding rounds are not publicly disclosed.

Utilization of Capital

The capital is utilized to support various initiatives, including:

• Business Recruitment and Retention: Funding is allocated to attract new businesses and support existing ones in expanding their operations within Shelby County.

• Workforce Development: Investing in training programs and educational partnerships to develop a skilled workforce.

• Infrastructure Development: Enhancing transportation, utilities, and other critical infrastructure to support business growth.

Pipeline Development

As an economic development corporation, 58 INC does not have a traditional product pipeline. Instead, its "pipeline" consists of ongoing and upcoming projects aimed at business attraction, retention, and expansion. Notable developments include:

• District 31 Development in Alabaster: A $242 million investment bringing 600,000 square feet of new retail, restaurant, and hotel space to the city.

• Mixed-Use Development in Hoover: A 15-acre project approved by the Hoover City Council, aiming to attract more tech-based companies to the region.

• Specification Rubber Expansion: The purchase of a 120,000-square-foot warehouse in Pelham to support the company's growth.

Technological Platform and Innovation

Proprietary Technologies

Specific proprietary technologies are not detailed in the available information.

Significant Scientific Methods

While specific scientific methods are not detailed, 58 INC employs data-driven approaches, including market research and economic analysis, to inform its strategies.

AI-Driven Capabilities

There is no specific information indicating the use of AI-driven capabilities within 58 INC's operations.

Leadership Team

Executive Profiles

• Amy Sturdivant: President & CEO. With over 20 years of experience in public and private sectors, Amy leads 58 INC, focusing on corporate and community investment. She serves on the boards of BIO Alabama and The Shelby Chamber and is involved with the Alabama District Export Council.

• Reid M. Knight: Director of Development. Reid brings experience in Alabama-based economic development and real estate investment, having raised over $71 million for Opportunity Zone real estate developments. He is responsible for developing and executing strategies to attract and retain businesses.

• Bradley Paramore: Economic Development Associate. With a master's degree in economic development, Bradley manages industrial inventory and provides data for site selection in Shelby County.

Leadership Changes

No leadership changes reported.