Ewing Township, RACER Trust Agree On Unified Marketing Approach for Former GM Property

Township Council Approves Parkway Avenue Redevelopment Plan

EWING, N.J. — The Ewing Township Council on Tuesday night approved the Parkway Area Redevelopment Plan, establishing a vision for a new town center on land that once was home to General Motors Corp. and a Naval Air Warfare Center.

The plan was endorsed by the RACER Trust, which took title to the 80-acre former GM site as part of a Bankruptcy Court settlement in 2011 and has been marketing it to potential buyers ever since. GM ceased operations in Ewing in 1998 and razed the buildings on the site in 2001.

“Township Council is pleased to adopt a plan that involved so many to put together. I think our Mayor and his professionals did a great job and on behalf of Council look forward toward seeing implementation,” Council President Hilary Hyser said.

“It was important that the Township have a plan that synthesizes our vision for strengthening the Township’s future. I believe this plan does just that,” Ewing Mayor Bert Steinmann said.

“By approving the Parkway Area Redevelopment Plan, the Ewing Township Council has provided valuable clarity to the market,” said Bruce Rasher, Redevelopment Manager of the RACER Trust, who endorsed the plan in testimony before the Council. “I applaud the Council for its action and look forward to the next step in a process focused on bringing jobs and other economic benefits to the people of Ewing Township and Mercer County.”

The redevelopment planning was led by Mayor Steinmann and the professional team of CWL Planning LLC in consultation with a team from McManimon Scotland & Baumann, Excel Environmental, URBAN Engineers and Nassau Capital Advisors. The plan included public and stakeholder input and envisions a new town center for Ewing, with a mix of uses that includes multi-tenant housing; restaurants and retail; office space; transportation; and a public park, all in a pedestrian-friendly setting. The concept is similar to town squares in Princeton, Morristown and Philadelphia.

A brochure describing the RACER property in detail is available on the RACER Trust’s website, www.racertrust.org.

The Redevelopment Plan requires any current or future owner of the site to execute a Development Agreement with the Township that specifies mutual guarantees and responsibilities before any development can occur. Mr. Rasher said the RACER Trust will work with the Township to immediately begin reviewing potential redevelopment prospects, with a goal of conducting systematic outreach to qualified prospects starting in mid-February.

“We agree there is great potential for this site to once again be a hub of activity for the community, but in a far different way than before,” Mr. Rasher said. “Our mission with the RACER Trust includes working with communities to identify redevelopment and job opportunities that align with the community’s vision and goals, and we believe we can help Ewing Township achieve its vision for a new town center at this site.”

The RACER Trust has sold 25 former GM properties, with proceeds in excess of $27 million, since it was established in March 2011.

About RACER Trust: The RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust, which is independent, was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.