GREENCASTLE -- A large building at 2540 E. CR 50S was erected nearly two years ago in hopes of bringing new business to the city.
Unfortunately, the downturn of both the economy and the commercial real estate market have played roles in the shell building still being vacant.
Greencastle Mayor Sue Murray said ideally the building would bring a company with good paying jobs for the community; offer growth and a diverse economy base.
While the 50,000 square-foot building sitting on 9.76 acres may seem desolate, it is actively being marketed. Last year, 49 detailed proposals were given to potential clients with 32 of those for an existing building.
"This year, approximately 1,000 full-color property brochures have been distributed to possible companies; at trade shows in cities such as Atlanta and Chicago; and site selection consulting firms," explained Putnam County Economic Development Director Bill Dory.
In conjunction with Dory, Indianapolis based real estate agency Collier Turley Martin Tucker has been aggressively trying to find a company to fit the building and the community.
"Most companies are at a stand still," said second vice president of CTMT Kelly Williams, who is the agent for the property. "They are not looking to expand or contract at the moment."
Though the building is not fulfilling its entire promise, the county is receiving taxes from the property. Garmong Development Company LLC of Terre Haute is the owner of the nearly 10 acres including an additional 4.78 acres and the building.
Wanda O'Neal with the Putnam County Assessor's Office confirmed Garmong does pay taxes on the commercial property. Taxes on the building will begin in 2009 and be due in 2010.
In addition to the shell building, Dory has been seeking occupants for the building that used to house Oxford Automotive. Since the summer of 2005, the 223,000 square-foot building has been sitting empty.
Dory said 60 to 80 percent of the inquiries coming into his office are for an existing building. "It is becoming more common for a company to want an existing building," he added.