A 351,000-square-foot, eight-building vacant mill in Plainfield is set to go on the auction block.
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A 351,000-square-foot, eight-building vacant mill in Plainfield is set to go on the auction block next week.
The former Wauragen Mills, occupying 75 acres at 51 S. Walnut St. in the townās village of Wauragen, consists of eight buildings, according to property records.
They include a five-story, 131,032-square-foot building, a one-story, 170,593-square-foot structure and a one-story, 41,202-square-foot edifice, all of which were built in 1853.
The property also has a 16,000-square-foot building erected in 1950 and four much smaller outbuildings that contain 8,884 square feet, 3,480 square feet and 2,750 square feet, all built in 1853. It also has a 1,550-square-foot outbuilding erected in 1900. They are all one-story-buildings.
The property, which is owned by DMSB Realty Management LLC, is appraised at $5.36 million and assessed at $3.75 million, property records show.
The property has attracted developers for redevelopment into several uses that include residential, manufacturing and event space, said Michael Guidicelli, a broker with Regions Commercial Real Estate Advisors.
He is holding an online auction for the property through online auction platform Loopnet from July 14 to 16.
āThey don't build properties the same way that they did back in the day,ā he said. āIt's structurally sound.ā
He said the property has been under contract to purchase several times with residential developers, but it has never been bought.
āThat's why we put it on the auction platform,ā he said. āThe town is very amenable to seeing this property being brought back to life. They're willing to do anything within their power to help see the success of this property come to fruition.ā
Plans to redevelop the property have not been filed with the townās Planning and Zoning Commission, according to Zoning Enforcement Officer Katharine OāNeill.
