The Revitalizing Auto Communities Environmental Response Trust recently reached an agreement to sell the former General Motors Mansfield-Ontario Stamping Plant to the Brownfield Communities Development Company.
Terms of the agreement were not disclosed.
As a part of the transaction, BCDC has committed to bring more than 1,100 new jobs to Ohio.
“This facility served as an economic engine for the community for 55 years under GM,” said Elliott P. Laws, trustee for the Racer Trust. “The agreement with BCDC sets the stage for a new era of economic vitality on this property. This is the product of a dedicated partnership of federal, state and local officials who were determined to bring new economic activity to the region.”
RACER Trust was created in March 2011 by the U.S. Bankruptcy Court to clean up and position for redevelopment properties that were owned by the former General Motors Corp. before it filed for bankruptcy in 2009.
According to the RACER Trust, BCDC has identified two tenants that are interested in occupying the majority of the 2.5 million square-foot building in Richland County.
In other words, what was once a historic single purpose facility will now be transformed into a modern accessible multitenant corporate park.
Since 2010, the plant has been vacant.
BCDC is a joint venture of Adler Group Inc., a Miami-based firm that specializes in leasing, property management, acquisitions, investment, development and construction, and Hilco Real Estate, a strategic advisory and consulting services real estate firm based in Northbrook, Ill.
“This is welcome news for the families of Richland County who have been struggling to make ends meet amidst a hurting economy,” said Senator Rob Portman, (R-Ohio). “Hopefully this agreement will lower Richland County’s unemployment from 8.3% by providing job opportunities for some of the many people in northeast Ohio who are looking for work.”
The Mansfield-Ontario Stamping Plant is the
