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Sunday, May 29, 2016

Building continues to await new business to fill it

Thursday, July 16, 2009

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.

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I wondered if this would ever get reported on again. How much taxpayer money was spent on this monument to bigger government? What a fitting tribute to Rep. Michael and her merry band of tax and spenders.

An empty building.

-- Posted by davgreencastle on Thu, Jul 16, 2009, at 5:17 AM

why don't they tell us how much the spec building cost and what the annual cost to maintain it is? Dory and Nancy Michael did not do any cost and market analysis before building it. With 3 factories closing, Oxford, Mallory and Technotrim, a prudent person wold not have built it until they had a tenant or buyer. But why should we expect that to be the case?

-- Posted by albert on Thu, Jul 16, 2009, at 5:38 AM

I also wonder who actually owns this building? Is the property taxed? Who is paying for not only the cost of the building but heat and light bills as well? This also makes me wonder what will ever happen to the old Oxford building? Is PCED putting that one out there as well?

-- Posted by Trying hard on Thu, Jul 16, 2009, at 9:59 AM

I agree with "VLCROD"....no signs = no bussiness. The digital signs are newer technology. I know I wouldn't start a business in town after being told you basically have to advertise a certain way. I guess not too many people get out of this town to see how other cities use signs to promote events. As far as a safety concern...how about telling gas stations to stop placing their signs all along the road...because you can't see when pulling out. If business's lift their signs off the ground x amount of feet...you can see the cars under them there wouldn't be a problem.

-- Posted by GreencastleResident on Thu, Jul 16, 2009, at 10:24 AM

You build it, they will come? Not necessarily. I've often wondered --- why do we build empty buildings when there are lots of empty buildings in this town waiting for tenants.

-- Posted by not gullible on Thu, Jul 16, 2009, at 10:51 AM

Pretty soon there will be plenty of empty houses to go along with the empty commercial buildings and empty shops in the strip malls since half the people I know are losing or have already lost their jobs. Bill Dory has been robbing this community for too long.

-- Posted by LangdonUlger on Thu, Jul 16, 2009, at 12:00 PM

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