Ten offers to buy empty St. Thomas Ford plant
Company to compile short list
By QMI AGENCY
Updated 6 days ago
More than 10 offers have flooded in to buy Ford's empty St. Thomas Assembly Plant, some of which offer "economic opportunity" for the region, says the commercial realtor handling the file.
The Big Three automaker will now compile a shortlist of possible buyers for the massive factory, which shut down in September after a 44-year, eight-million vehicle run.
Ensuring that any buyer improves the local economy is top of mind for Ford, said realtor Peter Whatmore, vice-president of C.B. Richard Ellis.
"We are delighted with how it went (with the listing) — there was a tremendous response," he said. "Several of them are probably very good for the local economy and the greater region, although it will take time."
Ford would like to see an operating business on the site, to erase the memory of the plant's closing, said another observer.
"Ford wants to see something there that will run well, so it does not look like it ruined the region," said Dennis Broome, president of the St. Thomas Economic Development Corp. board.
"This is about jobs," he said. "If we can save any, it helps London, St. Thomas and the region."
More than 1,000 jobs were lost when the sedan plant, best known for the Crown Victorias it built, was closed.
Ford will compile a short list in about 30 days of the preferred offers on the site and talks will begin in earnest after that, with no timeline for completion of a sale.
"We have had submissions from all over North America," said Whatmore. "Some of them are going to create jobs — we are optimistic Ford will ultimately come to terms with the best economic package for the region."
C.B. Richard Ellis has conducted 25 plant tours, some with local businesspeople, but Whatmore declined to comment if there are any local offers on the table.
"Worst-case scenario for our client would be razing the site. There are substantially better options on the table," he said.
The prospective sale is good news for Southwold township, where the factory is, since it has lost substantial tax revenue from the closing and hopes to get some back with a new owner.
"That is excellent," said Suzanna Dieleman, the township treasurer.
"It is important in a number of ways. It would provide employment for our residents, and it would be an excellent boost for the morale of the community.
"If it was occupied and used for commercial or industrial business, that would be good for the community as a whole."
This year Ford will pay about $200,000 in taxes on the site, about half what it paid when the plant operated.
Township residents have been hit with a 7.5% tax hike this year and may be looking at another 7% next year.
I'm Here to Help,
Chuck Surette
Sales Representative
Coldwell Banker at Success Realty, Brokerage
Office-519-633-5570
Cell-519-777-4727
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