The Odom Corporation plans to build a new $40 million beverage distribution facility off International Airport Road. Executive Vice President Bill Odom announced the plans on Tuesday.

The 240,000-square-foot building will be constructed at the Odom Corporation’s land across from the Chugach Power Plant.

“This shows people who have guts to move forward, who have the confidence in their own ability to compete in the market are willing to invest in Anchorage and invest in Alaska,” said Anchorage Mayor Ethan Berkowitz.

The Odom Corporation has about 400 employees around the state. The new facility will consolidate the company’s three other operations into the same building.

“It’s a commitment to the state; it’s a commitment to Alaska,” Odom said. “There are some ways that we could have shipped direct from Seattle and bypass some of the warehousing we have to do here. But I think for getting the product on time to customers it’s still the best way to do it.”

During construction the Odom Corporation will reconstruct portions of Electron Drive. It’s part of the Municipality’s “improvement of public place agreement” with the company.

“It’s a fancy term that basically says for an investment this type, for a facility this size there are many needed municipal infrastructure upgrades,” economic development director Chris Shutte explained.

Shutte said a roadwork project like that would cost the municipality more than $1 million. Instead the municipality will reimburse the Odom Corporation $500,000.

Construction will begin in the spring. The project is expected to last two years.

KTVA 11’s Heather Hintze can be reached via email or on Facebook and Twitter.