Former Polartec Plant to Become "Industrial Innovation Hub"
Former Polartec Plant to Become "Industrial Innovation Hub"
METHUEN/LAWRENCE — The industrial facility that once housed the Polartec textile plant is in for a makeover.
On Saturday, its new owner — California-based real estate broker Jitender Makkar — welcomed city and state officials onto the factory floor to unveil his plans for the facility, which he has given a new moniker: IndusPAD.
The facility, which includes two buildings on a 14.5-acre lot on the Lawrence/Methuen city lines, had been put up for auction this spring and sold for $5.35 million.
Makkar said he intends to subdivide the facility and attract multiple mixed-use tenants to what he envisions as a "take off and landing pad" for young entrepreneurs and innovators.
This is Makkar's first East coast investment.
After starting his career in New Delhi, India in construction and architectural design, Makkar relocated to California in 2000 and became involved in real estate investment and sales, according to Purnima Dey, director of public relations and community outreach for IndusPAD, and Makkar's fiance.
"We envision the opportunity of inspired entrepreneurs in our property," he said. "Our team aims to work strategically and diligently to build something memorable."
The first business to open will be a 30,000 square foot vertical farming facility, growing organic produce, said Makkar, in a partnership with Dutch indoor agriculture company Beyond Organic.
"With that, we hope to expand it within in the next couple of years to a much larger facility, which can create maybe 30, 40, 50 new technology jobs," said Makkar.
He thanked both Lawrence Mayor Daniel Rivera and Methuen Mayor Stephen Zanni for their support, and highlighted Zanni's vision to bring "the jobs of the future" to the region.
"Mayor Stephen Zanni is really the spirit behind what we have planned," said Makkar. "He is the man who has given me the vision to run rather than walk."
"Almost everybody said the biggest challenge we will have is in subdividing this facility, is in creating the option to bring in multiple tenants," said Makkar. "They all saw it was used for one vertical use, and it was hard to transform. What I saw in it was possibilities of a different kind. I saw in it the possibility of somebody from MIT, somebody from Mass. University (sic) to take their projects, take advantage of the infrastructure here, and make it their journey."
Polartec fleece was manufactured in the facility until last year, when Polartec LLC laid off more than 200 workers and moved its operations to Tennessee. When the facility was put up for auction, the listing indicated Polartec had invested more than $6.2 million in the property.
"This brings not only jobs to the Merrimack Valley and beyond, but more importantly it brings about a sustainable company," said Zanni. "A lot of companies come and go, as the company that was here, Polartec moved out to Tennessee and actually moved part of their operations to China. This is an operation that will go over a lifetime."
Methuen Community Development Director Bill Buckley said no other tenants have signed on with IndusPAD yet, but he was aware of some local interest.
"I think you might see some more traditional industrial tenants initially, that might not fit the vision of innovation," he said.
With nearly 600,000 feet of space in the facility, IndusPAD certainly has room to grow.
State Senator Barbara L'Italien welcomed IndusPAD as "the next chapter in this glorious footprint that was Polartec."
"It sounds like there's going to be some innovation, a place for innovation for ideas for allowing small businesses to be able to begin their dreams and launch, and we know what that has done for Boston area, so we welcome that in the city of Methuen and the city of Lawrence."
