Former GM Assembly Plant in Pontiac Sold for New Industrial Development

PONTIAC, Mich. — 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, Mich.-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.

“We’re thrilled that the former Fiero Assembly Plant will soon be repurposed to provide new jobs and economic opportunity for the people of Pontiac,” said Elliott P. Laws, the trustee of The RACER Trust. “The Trust’s fundamental goal is to be a catalyst for revitalization at the former GM properties now owned by RACER, and this transaction provides an important opportunity for economic growth both at the site and in the broader community.”

Bruce Rasher, RACER’s redevelopment manager, noted, “We continue to see an increase in the number of developers who recognize the exceptional assets of RACER properties, whether it be the utilities, rail access, proximity to highways, or — and perhaps most importantly — the excellent workforce available in these communities.”

Work is set to begin immediately at the site, and NADC anticipates the new end-user could be bringing in new jobs and be fully operational before the end of 2013. NADC previously purchased other RACER properties, including Plant 25 and Plant 15 in Pontiac last year.

About North American Dismantling Corp. NADC is a leader in dismantling services nationwide, and has completed more than $100 million worth of demolition and environmental remediation work in the last five years alone on property previously owned by General Motors, Ford, Chrysler, Eli Lilly, Bayer Chemical and others.

About The RACER Trust The RACER Trust was created in 2011 by a U.S. Bankruptcy Court to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. When the Trust was formed, it owned 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.