A large former General Motors Corp. plant has been sold by the RACER Trust to a firm that will renovate it to bring in new industrial development. The 43-acre Fiero Assembly property was purchased by Lapeer-based North American Dismantling Corp. (NADC), which specializes in purchasing industrial sites and attracting new development and jobs.
NADC has executed a letter of intent with an employer interested in moving operations to the property once it is has been renovated. NADC said it would identify the company when a final agreement is in place. GM used the site as a warehouse until 2009, though production at the facility ended in the 1980s.
NADC projected that the new development would bring between 30 and 50 new jobs initially, with a potential for expansion.
"Pontiac needs to rebuild its industrial base, and the sale and planned redevelopment of the Fiero Assembly site is an important step in this process," said Louis Schimmel, Pontiac’s emergency financial manager. "We certainly appreciate the cooperation of the RACER Trust toward reaching this goal, through their work to find buyers who will repurpose these former GM properties across the city."
This is a tremendous piece of property, and it will be well-suited for economic growth once we make some needed adjustments to the infrastructure, removing portions of the building that are simply no longer usable," said Rick Marcicki, president of NADC. "Our purchase of this property paves the way for new long-term jobs here, and we’re excited about the future here."
Terms of the sale were not disclosed. With the sale of the Fiero Assembly property, located along Baldwin Avenue in Pontiac, the RACER Trust has sold more than 20 former GM properties, with total sales proceeds exceeding $26 million.