Real estate broker Jitender Makkar announced plans for IndusPAD on Saturday, Dec. 9 at a press conference attended by city and state officials. (Courtesy photograph)
The former Polartec plant is getting ready for a makeover. The two buildings that straddle 14.5 acres on the Methuen and Lawrence city lines have officially been rebranded as IndusPAD, a mixed-use building for startups.
California-based real estate broker Jitender Makkar, who purchased the former textile plant at auction this spring for $5.35 million, revealed plans for the facility at a press conference on Saturday.
The nearly 600,000 square foot property is described as a “take off and landing pad” by owner Makkar.
“We envision the opportunity of inspired entrepreneurs in our property,” he said. “Our team aims to work strategically and diligently to build something memorable.”
Dutch indoor agriculture company Beyond Organic is the first tenant to sign on with IndusPAD, intending to open a 30,000 square foot faming facility to grow organic produce.
Makkar praised Methuen Mayor Stephen Zanni and Lawrence Mayor Daniel Rivera for their support of the new venture. “Mayor Zanni is really the spirit behind what we have planned for this facility,” the developer said. “He is the man who has given me the vision to run rather than walk.”
Saturday’s event was attended by incoming Methuen Mayor James P. Jajuga, State Senator Barbara L’Italien and Joseph J. Bevilacqua of the Merrimack Valley Chamber of Commerce, bolstering community support for Makkar’s facility.
“We are here to create the jobs of the future. We are here to support this community. 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,” Makkar said.
Located in the former Malden Mills factory, Polartec laid off 200 workers last year before relocating its operations to Tennessee.