IEDC acquires Grand Rapids site

November 9, 2009 by Howie · Leave a Comment

Itasca Economic Development Corporation (IEDC) has finalized an agreement to purchase a former manufacturing site in Grand Rapids. The site features 400,000 sq. ft. of manufacturing and distribution space situated on 233 acres, and will serve as the new home of the proposed Itasca Eco Industrial Park. The sale is expected to close by year end.

With IEDC in the lead, several public and private sector partners seized the opportunity to explore options for the redevelopment and reuse of this site. The Area Partnership for Economic Expansion (APEX), the Blandin Foundation, the City of Grand Rapids and Iron Range Resources worked with IEDC to commission a full-scale feasibility study which included a facility/property assessment, a design/development plan, and extensive market analysis.

Based on the findings of this research, IEDC made a strategic decision to purchase the site and existing buildings in an effort to reposition the site for development as a multi-tenant industrial park.

With a unique value proposition for renewable energy-related companies, the Itasca Eco Industrial Park offers an opportunity to cluster synergistic businesses in several different industries in a way that reduces operating costs and maximizes competitive advantages. The facility will feature industrial condos for lease and parcels will also be available for tenants interested in design/build alternatives.

“This site has the right infrastructure and a strategic location, the necessary ingredients to support manufacturing operations that will serve growing renewable energy markets and other customers,” said Diane Weber, Interim President of Itasca Economic Development Corporation.

Competitive features include the region’s skilled, productive workforce, access to abundant natural resources, competitively-priced electrical power, and a multi-modal transportation network, complete with a rail spur onsite and immediate access to heavy-haul highway corridors. Tenants of the Itasca Eco Industrial Park will enjoy efficient access to domestic and Canadian markets in addition to International shipping channels via the Port of Duluth.

Together with APEX, IEDC has hosted a number of viable prospects who are interested in becoming tenants of the Itasca Eco Industrial Park and concurrent plans are underway to continue marketing the facility to additional businesses in years to come.

Services aimed at supporting these businesses might include customized employee training, networking opportunities, financial incentives, research and development support and more. The group plans to leverage the site’s strategic location in the heart of northern Minnesota’s wood basket and adjacent to major North American wind fields.