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 in 2015.
According to Troy Development Council President J.C. Wallace, officials are still marketing the property to potential developers, but have yet to secure a buyer.
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.
“We are still working with local developers and have had a lot of interest in the site. It is unique with its downtown location. We are looking for a single buyer to develop the space. We are using the best uses study to continue to seek businesses in the financial and medical sector which our study indicated would create the greatest return for the community in jobs and economic impact,” said Wallace last week.
Wallace said the agreement with ITW as “exclusive screeners” will expire in a 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.
Last week, Hobart Welding Products equipment plant in Troy announced it would be relocating manufacturing and warehouse operations to Appleton, Wisc., over the next several months.
The move is being made in order to align all machine assembly, warehousing and customer service within existing operations at its sister company, Miller Electric, which already produces a number of Hobart equipment products.
Becky Tuchscherer, group president, said 54 employees in total will be affected.
Affected employees in the Troy workforce will be offered opportunities in similar roles at the facilities in Appleton or are eligible to apply for open positions in any of the local business units within ITW, Tuchscherer said.
The business is currently located at 2200 Corporate Drive, Troy. Tuchscherer said the facility is owned by Miller-Valentine and the building is leased, so it will revert back to them to pursue new opportunities for the building.
Reach Melanie Yingst at [email protected] or follow her on Twitter @Troydailynews