Local business Adaptive Technologies, Inc., headquartered in Huntertown, plans to begin construction on a new 10,000-square-foot technology and product development center this fall. Huntertown Town Council members approved an application for tax abatements on the property, 14102 Plank Street, on Sept. 8.
The project, which broke ground Sept. 10, includes a $650,000 investment in the property, and the company plans to invest an additional $275,000 in personal property. Completion of the project is planned for next spring.
The company was eligible for a 10-year tax abatement on real property and a 5-year abatement on personal property. Over that 10-year deduction period, the company is expected to save about $58,000 on real property, in addition to a $6,300 savings on personal property. The company is estimated to pay about $70,000 over those deduction periods.
Adaptive Technologies, established in 1989, is the parent company of API Alliance, Adaptek Systems, Northern Apex and Automated Laser Corporation. The business specializes in automation systems, product design enhancement, and manufacturing and software development.
Adaptive Technologies currently employs 110 individuals on its three-building campus in Huntertown, which is expected to grow to about 43,000 square feet after the completion of the new building. The new space will be occupied by 10 current employees as well as seven new hires. The combined salary for those 17 positions will be about $1 million.
Joe DePrisco, the company’s president and owner, said the project has been in the works for the past two years, and will address a need for additional space.
“We’ve really got every office, every cubicle filled. Fortunately during all of this virus stuff, we haven’t lost anybody,” DePrisco said, adding that the new building will include additional square footage for future expansion.
“The main thrust of the building will be used for new product development and some of the technologies we’re working through,” he said.
Northern Apex will be the primary resident when the building is completed. The facility will include professional office space, a product testing lab, demonstration areas, and production space for ongoing and future ATI projects.
DePrisco said most of the employees working in the new facility will be engineers and programmers, preferably from the local area.
“They’re pretty high-paid folks. They’re a little hard to find anymore, but we do a pretty good job between IPFW and Ivy Tech,” he said. “… All of those will be very much local people … and obviously if we can get them from the Huntertown area, all the better.”