 |
Dayton Business Journal...
Dayton-area GM plant
sold, 2,000 jobs planned
by Ginger Christ, DBJ Staff Reporter
Wednesday, July 6, 2011
The former General Motors site in Moraine has been sold to
California-based Industrial Realty Group by The RACER Trust.
IRG, which plans to redevelop the site into a five-building, multi-use
complex called Progress Park, initially hoped to close on the property
in April, but the purchase was delayed by paperwork and due diligence.
IRG’s plans for the site could bring in as many as 2,000 jobs,
according to the company.
“The city is delighted the sale is complete. IRG is a well-known
company with a strong history of success in redeveloping sites, and we
expect they will be equally successful here. We are looking forward to
the re-use of this property,” said Moraine city manager Dave Hicks, in
a news release.
Terms of the deal were not disclosed. The RACER (Revitalizing Auto
Communities Environmental Response) Trust was established in March by
the U.S. Bankruptcy Court to clean up, redevelop and sell 89 former GM
facilities in 14 states.
While no tenants are yet confirmed, the company will begin interior
work on the buildings soon after closing on the property. Such work
will include installing energy efficient heating and electrical systems
to make the spaces more marketable, said Stuart Lichter, IRG founder
and president, during an earlier interview. Work on the exterior of the
plant will not begin until end-users are identified, Lichter said
The former GM site is one of two local sites IRG is moving forward on
efforts to revitalize. IRG also is developing the former United Parcel
Service hub at the Dayton International Airport .
GM closed the 4 million-square-foot former SUV assembly plant in
December 2008. At one time, the plant employed nearly 5,000 workers.
The sale of the Moraine GM plant is one of three recent sales of former
GM properties by The RACER Trust. The trust also sold a former GM
transmission plant in Parma to an Ohio-based development firm, 54 Chevy
LLC, and a former GM Grand Rapids Stamping Plant in Wyoming, Mich., to
Michigan-based developer Lormax Stern.
“The sale of these properties creates a tremendous opportunity for
economic growth in these communities,” said Bruce Rasher, redevelopment
manager of The RACER Trust.
Read it at the Dayton Business Journal
|
