Drug Company to Buy Former Pfizer Property

Real estate is commonly related to buying and selling houses, but there is also big league realty that involves large companies and equally large properties. One example of this is the recent interest shown by an undisclosed company in former Pfizer property in Vigo County, Terre Haute, Indiana. Although the name of the company has not been released by the Terre Haute Economic Development Corp or the Vigo County Redevelopment Commission, it is known to also be a drug company, so it is likely they will be using the facilities for similar purposes. As is well known, Pfizer is the company from which you would buy Viagra.

It hasn't been discussed either how many jobs the purchase could create, but the local government is hopeful that the new company will be able to fill the void left by the cease of Pfizer operations in 2007 after sixty years of activity, in which more than 700 jobs were lost, and the property value of Vigo County decreased by 1,8%. These and other unknown factors are expected to be shed light upon on the January 10 Redevelopment Commission meeting. At that date the unknown company's bid will be submitted.

Though the Commission is bound by law to accept any other bids before and up to that date, which will also be read at the meeting, it has the power to assign a specific use for a property for sale, as well as reject any bids that it considers unlikely to generate jobs or contribute to the community in general. In 2009, the Redevelopment Commission bought 845 acres back from Pfizer for $1,1 million, and resold 8 acres to Ivy Tech Community College. The new company, which has been in talks with the Terre Haute EDC for about four months, is expected to buy over 200 acres valued in $6,5 million. This property is situated next to the original southern Vigo County industrial park and includes a practically new FDA certified complex of facilities built to manufacture the diabetes drug Exubera.