The Development Authority of Polk County has placed the SPEC building back on the market after the deal to purchase the six-year-old industrial facility as a close-to-turnkey operation fell through.

DAPC CEO Terry Schwindler reported this evening that prior to the announcement of a buyer for the facility in the Northside Industrial Park in Cedartown, a Letter of Intent was signed between the DAPC’s board chair, Jamie Morris, and the prospect considering the facility.

She said in a statement that “This document placed the property under contract and started the Inspection Period in which the prospect would conduct his due diligence and secure his financing.”

Here’s a video of the facility the DAPC uses to show prospects the facility.

However, the Project Shure prospect was unable to secure the loans he needed for purchase of the facility, Schwindler reported.

She said that COVID-19 has reduced the lending to new business from banks so they can better fund the needs of businesses already established.

“The prospect continues to move forward with his project and is now considering a building lease (in Polk County),” Schwindler reported in the statement about the recent developments surrounding the sale.

With the deal unable to work out, the DAPC has placed the Cedartown SPEC building back on the market and Schwindler said “state economic project managers have been notified” the building is available.

“There have been three inquiries on the building this week,” she said.

Schwindler previously announced the SPEC building was under contract during the 2020 State of the Community virtual event in video messages released by local officials during the final week of October.

The SPEC building was completed in 2014, and provides 100,000 square feet of enclosed industrial space with only a few finishing touches needed to make it ready for use in manufacturing, warehousing or other needs of potential partners who are looking for space.