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]