The Revitalizing Auto Communities Environmental Response (RACER) Trust, the entity created in 2011 by U.S Bankruptcy Court to handle former General Motors properties that aren’t part of the “New GM,” indicated earlier this week that it has sold a 1.7 million square-foot property in Pontiac, Michigan to a real estate group.
“Industrial Realty Group (IRG) is a nationally recognized leader in the adaptive reuse of commercial and industrial real estate, and its record of job creation and economic revitalization is extraordinary. We congratulate IRG and the Pontiac area, and look forward to seeing these properties returned to productive use,” said the administrative trustee of RACER Trust, Elliott P. Laws. “IRG has been an excellent partner to RACER as we carry out our economic redevelopment mission, and I am confident that IRG’s investments will be broadly beneficial to Pontiac and Oakland County.”
IRG plans to renovate both — the 79-acre Pontiac Centerpoint Campus West and the 74-acre Pontiac Centerpoint Campus Central. According to The Detroit News, RACER says that businesses have expressed interest in new developments and construction on the properties. Hundreds of news jobs are expected to be created once redevelopment has been completed.