The last we heard, General Motors’ former Buick City industrial site was poised for $23 million worth of investment for renovations. However, that’s not a done deal, and the RACER Trust, established after GM’s bankruptcy to manage former properties, has given interested parties an April 27 offer deadline.
RACER hopes the deadline will expedite the process and provide just a little pressure for interested parties to step up and make a final commitment, according to an MLive report published last week.
“We are issuing this call for offers now in response to what we’ve seen as a pretty strong, steadily increasing interest in the Buick City property,” said Bruce Rasher, redevelopment manager for RACER Trust.
Rasher said the tactic has spurred the sale of other GM properties in the past, and right now, there are multiple parties interested in the whole 364-acre site and some interested in portions of the land. When the trust took over the properties, it attached two goals to any sale: restore jobs and a tax base for the affected communities. GM permanently closed Buick City in 2010.
So far, two companies have purchased 50 acres of Buick City: American Spiral Weld Pipe and Lear Corp. They’ve created 450 new jobs, though it’s a fraction of the jobs lost in the area.