TROY — City officials are still searching for the perfect fit to fill the nearly eight acres of land vacated by the former ITW/Hobart Brothers Manufacturing building which was leveled nearly one year ago.
According to Troy Development Council President J.C. Wallace, there has been continued interest in the site.
“The TDC has developed a marketing program geared toward financial and medical office operations which our study indicated would create the greatest return for the community in jobs and economic impact,” Wallace said earlier this month.
The Troy Development Council was retained by Illinois Tool Works Inc. (ITW) to serve as an adviser for the development and marketing of its former facility on Main Street. The property is still vacant at this time and no buyer has been secured to date. The asking price for the land is reportedly $500,000.
“ITW has shown great corporate citizenship and patience in working with us to find the right purchaser,” Wallace added.
According to the City of Troy’s Director of Public Service and Safety Patrick Titterington, the agreement with ITW as “exclusive screeners” will expire in approximately 18 months.
“Obviously, we would like to see redevelopment start within that time-frame,” Titterington said. “This is still a work in progress and the slow pace is entirely because we want the right fit for that location, one that will enhance the area, support the redevelopment of the riverfront, and be a strong job generator. As an economic development project, sensitivity and confidentiality is key, which is why we’re short on details at this point.”
Last year, Troy City Council rezoned the 40 lots (approximately 8 acres) to Office-Commercial from its former manufacturing zoning use. ITW/Hobart are the owners of the property, but the city of Troy was the applicant for the rezoning request.
The city of Troy and Troy Development Council split the cost of a $70,000 consultant fee to determine the best use of the site. Part of the funds was also to be spent towards an analysis of redevelopment and design options for the Adams Street and West Main Street.
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