RACER Trust, Rivore Metals, LLC, Reach Agreement on Sale of Industrial Property in Pontiac, Mich.
Company to Establish Metals Reclamation Operation; Up to 35 Jobs Expected
PONTIAC, Mich. — RACER Trust today announced it has reached agreement with Rivore Metals, LLC, for the sale of a vacant, 41.9-acre industrial property off North Glenwood Avenue in Pontiac. Rivore intends to establish a metals recycling business with up to 35 employees at the site, with plans to construct a 40,000-square-foot sorting facility after the business is operating.
Rivore, based in Troy, Mich., is a metals trading and project management company with offices in the United States and Canada offering full-service trading operations to international specialized markets for its ferrous and non-ferrous materials. It plans to store, sort and ship reclaimed metal from the North Glenwood Avenue property.
The company purchased property along South Boulevard in Pontiac in November 2016 and is in the process of cleaning and renovating the site. Rivore plans to have indoor non-ferrous recycling operations and 10 to 25 employees at 500 South Boulevard. Rivore also operates two recycling facilities in Detroit.
“Rivore Metals is establishing a substantial presence in Pontiac, returning underutilized properties to productive use and providing jobs and new tax base,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “Redevelopment that leads to new jobs and other community benefits is central to RACER’s mission, and I’m pleased to say we have worked with several buyers, with support from the community, who are helping us to fulfill our mission in Pontiac.”
RACER Trust has sold several former General Motors properties in Pontiac, for projects that include a destination for car enthusiasts, expansion of a sports complex, a multi-tenant industrial center and new headquarters for a local construction management firm.
“Our company is proud to be making significant investments in Pontiac, and to bring new jobs and other benefits to the community as a result,” Rivore's President, Kosta Marselis, said. “We send our products all over the world, but Southeast Michigan is home, and it’s important to me that we create opportunities here. We’re looking forward to completing the purchase and setting up our operations as quickly as possible.”
“I am delighted that companies like Rivore see the benefits in investing in Pontiac,” said the city’s mayor, Dr. Deirdre Waterman. “When companies invest, local people have job opportunities close to home, the tax base improves and there is a general sense of renewal in a community. Rivore certainly is doing its part to bring revitalization to properties that had been dormant for years, and I thank Mr. Marselis for his confidence in Pontiac.”
About Rivore Metals, LLC: As the flexible supplier of all material requirements to numerous mills, foundries and overseas buyers, Rivore Metals has built a reputation for agility, creativity and integrity through strong supplier and processor relationships. Commitment to customer service, experience and financial stability, coupled with direct transportation relationships, enables Rivore to maintain and manage an extensive fleet of rail cars dedicated to scrap delivery throughout North America. For more information, please visit www.rivore.com.
About RACER Trust: 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 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.