CLARKSVILLE —
The auction of the Colgate-Palmolive Co. plant in Clarksville has been pushed back to Nov. 2 as parties interested in purchasing the property are requesting more time to investigate it.
That’s according to Terrance Jacobs, of TCL Asset Group Inc., the firm hired to auction the property. He said a number of potential purchasers have expressed interest in the sale.
The former production plant and surrounding area is owned by Active International, which bought it from Colgate in 2009, after the plant closed its doors in 2007. The auction, first announced in August, had originally been scheduled for Oct. 15.
Jacobs said the area is being sold as 13 individual parcels, which includes the main production building, an office building, the Elite Storage facility to the southwest and several surrounding areas. He believes having the property bid as several parcels will open the door to more bidders. TCL isn’t technically breaking the parcels up, as the area is already separated in the county’s tax records.
“We would imagine the main parcels would be sold to a redeveloper for mixed-use development,” he said. Smaller parcels could likely go to smaller interests, he speculated.
“There’s lots going on. We’ve had a lot of interest,” Jacobs said, noting that the parcels have an environmental insurance policy and historical tax credits and financing are available.
But some town leaders aren’t happy the property is being split up for the auction.
“I personally don’t like it,” said Clarksville Redevelopment Director Rick Dickman. He said selling a piece of it could negatively affect the prospects of the development as a whole.
Active International bought the plant from Colgate with the intent to sell it. In an interview in August, when news of the upcoming auction first broke, Dickman said he believed the company was turning to an auction because it was not having any success selling it for a profit. He estimates that fewer than five serious buyers have come in and inspected the property during the time Active has been marketing it.
“I understand Active’s position, but I think Active needs to understand the town’s position,” he said, in regards to keeping the property together.
Clarksville leaders have expressed interest in turning the area into a mixed-use area that includes living spaces such as condominiums, alongside offices, hotels and retail space. Town Council President Greg Isgrigg, also a member of the Clarksville Redevelopment Commission, admits the prospects are uncertain because of the economy.
“Who knows,” he said when asked if he thought the auction would be beneficial to the town. “That depends on who buys it.
“I’d like to see our original plan but the way money is right now – who knows,” he said. “Banks are being stingy right now, not taking any risks.
“I’m glad it’s moving – hopefully, we’ll get somebody that wants to do something,” he said.
Both Dickman and Isgrigg noted that, regardless of who purchases the property, the area is zoned as a planned unit development. Dickman said that means buyers will have to convince the town that their use is compatible with future development.
Business/Money
Related Photos
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Colgate-Palmolive Co. plant in Clarksville will be auctioned in parcels Nov. 2.
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A 1980s aerial view of Colgate. File Photo
Discussion
Colgate auction moved to Nov. 2
Town officials, company differ on parceling off property
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