For months, we’ve heard the former General Motors manufacturing hub, known as Buick City, may trade hands in the near future. Now, we know the sale is heating up.
The RACER Trust, which oversees property from Old GM, told local CBS news affiliate WNEM that it’s “pleased” with multiple offers currently on the table for the property. The trust is now evaluating the offers and said it plans to select a buyer with plans to invest in the local community and create new jobs.
Further details on the bids are unknown.
However, one potential buyer stepped forward with major renovation plans for the former GM manufacturing site. The Charles Stewart Mott Foundation announced plans for $23 million in renovations to make Buick City into an eco-industrial park. The plans would refurbish 140 acres and bring 300 jobs back to Flint, Michigan.
Included in the potential renovations would be environmentally friendly warehousing, packaging and light industrial space, but plans for sprawling green spaces, such as parks, bike paths and more are also on the table.
Both the foundation and the Michigan Strategic Fund would co-invest in the project with the former providing $16.5 million, and the latter bringing $6.5 million to the table.
Buick City first opened its doors in 1904 and became a prominent fixture in GM manufacturing. The facility closed in 2010 during GM’s bankruptcy reorganization.