Ford sells Norfolk plant to Jacoby Development for $14.2 million

Article by Christian Andrei, on March 20, 2011

Atlanta real estate developer Jacoby Development Inc. is the buyer of the site of Ford Motor Co.’s former assembly plant in Norfolk, Va. Ford didn’t reveal the financial terms but according to The Virginian-Pilot, Jacoby paid $14.2 million. The report also said that it was a little more than a year ago that Jacoby agreed to buy the plant.

Initially, Jacoby had planned a green development. As part of the deal, a portion of the 100-acre former manufacturing site was sold to Belgium-based Katoen Natie, which is investing $12 million to build a new warehouse and distribution operation on the property.

KTN intends to spend $10.5 million to get a portion of the plant and renovate the 662,000-square-foot former body shop. In addition, KTN is investing $1.5 million more in new equipment on the site.

Ford closed down the waterfront factory in 2007. This factory, which opened in 1925, had rolled out several of Ford’s top-selling models such as the Model T and F-150 pickup truck.

It is the largest privately owned, industrial-zoned property in Norfolk. Most of the site’s 2.6 million square feet of industrial space has already been demolished by Ford.

Jacoby Development, which specializes in restoring large brownfield sites and industrial properties, is also redeveloping a former Ford assembly plant located beside the Hartsfield-Jackson Atlanta International Airport in Atlanta. [via autonews]

Topics: ford, factory

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

More positive news has been pouring in before the year ends. For those who have been waiting to hear the latest word on Toyota 86, we have some great news....
by - December 10, 2016
Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries