RACER TRUST AGREES TO SELL FORMER GM PLANT IN OHIO

by admin

ONTARIO, OHIO — Brownfield Communities Development Co. (BCDC) has agreed to buy the former General Motors Stamping Plant at 2525 W. Fourth St. in Ontario from Racer Trust. The Miami developer plans to repurpose the 2.5 million-square-foot building into a modern, multi-tenant facility. BCDC has identified two tenants for the site that are expected to bring 1,100 new jobs to the area. Racer Trust, known as Revitalizing Auto Communities Environmental Response Trust, was created in March 2011 to sell the facilities GM had to leave behind because of its bankruptcy and the taxpayer bailout of $50 billion. The Mansfield-Ontario Stamping Plant is GM's 17th property to be sold. Total sales so far have exceeded $24 million.

You may also like