New York real estate investment firms enters contract to buy and redevelop 300 acres of Buick City in Flint
The long-vacant Buick City site in Flint may be getting a new owner.
The former industrial site has sat vacant for years. It’s currently owned by the RACER (Revitalizing Auto Communities Environmental Response) trust, which was created to manage former General Motors properties after the automaker passed through bankruptcy a decade ago.
Up until now, the trust has found a few businesses interested in using small parts of the site in the heart of Flint. At the moment, much of the property is being used as a large parking lot for GM vehicles awaiting parts.
Ashley Capital is a New York-based real estate investment company. It's entered into a contract to buy and redevelop 300 acres of the Buick City site.
But it’s not a done deal just yet.
The sale is contingent upon the RACER trust and Ashley Capital reaching an agreement on an environmental cleanup on the property. The two sides have twelve months to complete their due diligence.
Still, Mayor Sheldon Neeley says “an investment of this magnitude could bring thousands of jobs” to Flint.