Businesses being targeted for the Hastings Economic Development and Redevelopment Authority-owned 50-plus acre site in the Hastings Industrial Park include those involving hydroponics and advanced manufacturing.
It’s not likely that the site will go to one big manufacturer anymore, but it could be attractive broken down into multiple 125,000 or 250,000-square-foot operations.
That was the message given to HEDRA members at their meeting Thursday, April 11 from Ra’eesa Motala of Evoke Partners, the firm HEDRA contracted with to market the property.
The property is deemed “shovel ready,” meaning planning, zoning and environmental and soil studies have been completed. The property is located at 2500 Enterprise Ave., at the intersection of Enterprise and Spiral Boulevard. There’s also 24 acres of land adjacent to the property that the City of Hastings owns.
Motala said there was interest in the site a couple years ago when HEDRA initially listed it but it’s more difficult now with the higher interest rates.
“We had some decent activity initially. When we took this out to market, it was pretty hot. We were coming out of the COVID bubble of everyone needing industrial and sites were being just gobbled up with interest at 2%. That’s something we’ll probably never see again in my lifetime,” she said.
She said one prospective buyer pulled out.
“Since then, most of our interest has come from end users, which would make sense. There really isn’t a market for spec building right now. It really is going to be a build-to-sit site,” said Motala.
The problem is that the property isn’t very convenient to major transportation routes.
“Some of the issues we are seeing has to do with access, having the ability to get trucks in and out in a very quick and timely fashion. That’s some of the feedback we’re seeing. They love the site. It’s a beautifully shaped site. It’s shovel ready. They love the city, but access seems to be our biggest problem,” she said.
Motala provided information to HEDRA with three options for prospective building on the land, one with a large manufacturing facility and two breaking it up into several smaller buildings.
“Having the ability to have 125,000 to 250,0000 square feet in several buildings gives us more opportunity to diversify,” she said. It also would mean the property could be developed in phases.
She said the company is working with prospects.
“We’ve had serious conversations,” she said. “We have spoken with a company recently that’s working through carbon credits. They are a lettuce grower, vertical farming. It’s become the new fad where you grow your lettuce in a warehouse with LED lighting. They also do hydroponic farming, with fish. It’s very fascinating,” she said.
That would have a downside.
“They do consume a lot of water, so that is a concern as well,” she said.
Evoke has sent information on the property out nationwide, and she’s confident there are companies looking for sites like this.
“Ultimately, at this point, we haven’t identified the perfect use,” Motala said.
There has been interest from a company wanting to set up outdoor storage for boats.
“That ultimately is not what we want here. It’s not what the city is looking for in the long run,” she said.
