After a couple of weeks’ delay to take additional bids, developers are getting closer to a contract on the former Modine building.
Jeff Dozier of the Kansas City real estate company Kessinger/Hunter had hoped to close a deal before the end of 2006. But late in the year, he said, a second company asked for and got extra time to put a bid together for the building at 1401 Industrial Road. The deadline was Monday, but no additional bids have appeared.
“There was a third party that said they wanted to make an offer as well, but they faded into the sunset on me,” Dozier said.
Dozier would not name either of the two parties, although he said both have Kansas ties and the one remaining offer has Emporia connections.
The offer on the table, he said, is from a light industry that also has a retail component to it. The second party that had until Monday was proposing a purely industrial use.
The site formerly housed Modine Manufacturing, which built vehicle radiators. The plant was closed in 2005 after being purchased by Proliance International.
At this point, Dozier said, it’s time to start making counteroffers and negotiating the final deal between Proliance and the bidder. He’s known this stage to take a month and a half in the past, but didn’t expect it to be nearly so long this time.
“With two giant companies talking, I think we can probably have something in a couple of weeks,” he said.