Liberty Property Trust, a local REIT, bought the land after the airport closed. Altair bought the land for its new headquarters with financing from National City Bank.
"We're currently located at Maplelawn Drive in Troy, and we're just over capacity due to the growth of the company," says Michael Kidder, director of marketing for Altair.
Construction is currently underway. The steel roof will be completed in July, and the facility should open in February, Kidder tells GlobeSt.com.
"We have a long term commitment to Troy," he adds.
The firm was founded 16 years ago, and now performs product design services and commercial engineering software development.
The new facility will have a built-in garage for testing for automobile products, Kidder said. Also, it will feature a 150-seat auditorium and an industrial design studio.
The current facility has 175 employees, and about 100 other employees work at an Allen Park building. The company also has employees around the world. About 500 employees will be based at the new headquarters when it is up and running, Kidder says.
The state, through the Michigan Economic Growth Authority, provided a 12-year single business tax credit for the project, worth about $8.4 million.
The architect firm on the project is Minoru Yamasaki Associates of Rochester Hills. The broker was The Farbman Group of Southfield, and J.M. Olson of St. Clair Shores was the general contractor, Kidder says.
Altair earned $63 million in 2000.
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