For decades, the last remnants of a Prohibition Era bootlegging operation shut down by federal authorities in 1932 have rested on a peaceful swath of farmland in upstate New York.

Now, the property in rural Pine Plains, N.Y., is set to once again host a production facility for alcoholic beverages—this time, a legal one.

Dutch's Spirits, founded by two friends who met as roommates at the University of Chicago, plans to build a new distillery there and host tours and tastings that incorporate the complex of bunkers and tunnels still on the site....