Philadelphia-based Five Below Inc. (Nasdaq: FIVE) is looking to build a major distribution facility in Shelby County. According to documents filed with the county, the specialty discount store chain plans to invest approximately $100 million to construct the nearly 860,000-square-foot facility and create up to 470 jobs.
The facility is planned for a 100-acre site, according to the documents. The company says the new jobs would come with an annual payroll of $17.4 million.
Five Below plans to invest $55 million to build the facility, plus another $40 million for logistical distribution and information technology equipment. The Shelby County Council has approved a 10-year tax abatement for the facility’s construction and operation, as well as a five-year abatement for the equipment.
The county documents say construction on the facility could begin this month and be complete by April of next year. Installation of the equipment is expected to continue through 2023.
Five Below has 26 locations throughout Indiana, including 10 in central Indiana.