A close to 25 acre property on the corner of Venture and Progress Drives in Janesville will soon be home to a 300,000 square foot speculative industrial building.

As part of the agreement approved by the City Council this week, the developer will receive the land from the City for $1.00 in return for constructing a new building with a little over $11 million in value.

City Economic Developer Gale Price says the developer has worked with the City previously on successful projects.