Bill Dory, the Putnam County economic development director, said the building located at 1701 Indianapolis Road doesn't meet the needs of businesses that might be interested in the location.
"The building, from an industrial development standpoint, is pretty much functionally obsolete. The ceiling heights in there are lower than what most companies demand these days. It doesn't have the loading docks and other amenities that you would typically find in a more contemporary industrial structure," Dory said.
He said he wasn't sure exactly when the demolition would occur, because it depends on the weather.
"If it turns out we've got a spring of nice days like we have right now, it'll probably move fairly quickly. If all of a sudden we get another ice storm it will probably slow down," Dory said.
He said work was already taking place to prepare the interior of the building for demolition, including stripping electrical equipment or any other pieces that might have value.
John Zeiner, one of the building's owners, said, "I think people will be surprised on how fast we're going to move."
Dory said most of the materials in the building are being recycled, which is adding to the time it takes to demolish it.
"You have to separate your metals and all that stuff, but that is in keeping with Greencastle's efforts to recycle things such as the steel and concrete blocks, pretty much anything that can be recycled will be recycled," Dory said. "You always have a little bit of stuff you can't recycle, but I would say by far the vast majority of it will be recycled."
Dory said that there are some environmental contamination issues in the ground that need to be taken care of.
"The building overall was built in the sixties," he said. "As with most industrial buildings of that age, there is some contamination that needs to be cleaned up. It's relatively minor and the former owners are actually responsible for it."
Both Dory and Zeiner see this demolition as the first step in making something new in the spot.
"There will definitely be a redevelopment effort," Dory said. "It's a great piece of property from the standpoint of it's in a good location, the property is currently zoned industrial but it's right up against commercial zoning. It could be rezoned for a commercial purpose."
Dory also pointed out that the size of the lot (10 acres) would be ideal for any commercial businesses that are interested in the area.
"It could even be subdivided into smaller parcels if that's what the market demands," he said.
Zeiner emphasized the importance of the lot to the area, which is located next to the "Welcome to Greencastle" sign.
"It's kind of the doorway to Greencastle," he said.