The Virginian-Pilot
©
NORFOLK
Ford Motor Co. is in discussions with an Atlanta developer who wants to buy the automaker's shuttered Norfolk pick up plant and redevelop it as a mixed-use industrial project, a Ford spokeswoman said Thursday.
Jim Jacoby, who has a track record of redeveloping large projects in Atlanta, has been in discussions with Ford for "a while," said Stefanie Denby, a spokeswoman for the Dearborn, Mich.-based automaker.
The plant off Indian River Road consists of 109 acres and 2.6 million square feet of industrial space. It employed about 2,400 workers when Ford announced in April 2006 that the plant would close in June 2007.
Denby declined to comment on what stage the discussions with Jacoby had reached. But when asked if the developer had signed a contract for the plant, Denby said, "We haven't closed on the plant."
Jacoby was unavailable for comment Thursday. The developer told Atlanta commercial real estate blogger Tony Wilbert this week that plans for the Norfolk plant would include use of various alternative-energy equipment such as solar panels and wind turbines. Wilbert, who owns a public relations firm that does not represent Jacoby, wrote about their conversation on his "Skyline Views" blog.
The developer is known for an Atlanta project called Atlantic Station - a 138-acre retail, condo and apartment development on the site of a former steel mill. The project took nearly a decade and opened in 2005.
In June 2008, Jacoby Development Inc. purchased a 122-acre Ford assembly plant next to the Atlanta airport with plans to turn it into a mixed-use development including office, retail and hospitality space.
According to Jacoby Development's Web site, the developer has expanded into green energy sectors, such as an initiative to turn landfill waste into an energy-producing gas. The company also plans to integrate solar panel power into its development plans for the Atlanta Ford plant.
It's been more than a year since the deadline passed for Ford to receive bids on the Norfolk plant. City officials have said for months that the automaker was negotiating with one developer, which likely would use the plant for distribution and warehousing.
The city of Norfolk values the property at about $84 million for tax purposes.
"I have walked every inch of the property. It's a tremendous asset," said Darryl Gosnell, president and CEO of the Hampton Roads Economic Development Alliance.
Gosnell said the plant could be attractive to a variety of users, including those who use it for production of green energy.
"That plant has heavy power to it. It's rail-served, and it has barge access," he said. "It has been surprising to me there hasn't been more interest in developing projects there."
Norfolk Mayor Paul Fraim said the city had been advised that Ford and Jacoby are working on a deal but had not been briefed on any of the specifics of the developer's plans.
"There have been a number of people who've looked at that site," Fraim said. "The city would very much like to see it remain in single ownership, the entire complex, and developed in some comprehensive plan."
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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Ford Plant
Let the UAW buy the plant back....they destroyed it.
SICK AND TIRED
If buying this property will create new jobs in Norfolk, then I am all for it but if this is going to be another attempt to develop condos then I would rather for the property to sit unoccupied. We have more than enough development projects gone bad. Just take a ride through Norfolk and look at all the newly built condos that are empty. THE CITY OF NORFOLK WASTE TOO MUCH OF OUR HARD EARNED DOLLARS.
INTEL.
I bring this company up quite often. Research why they moved to Israel. Try and find the 60 minutes interview also. The number one reason you will find is TAX not employee salaries and health care. The Israeli's once again looked at the big picture and final outcome and boosted it's GDP 12%!
Sorry typo........
not 12% but over 2%.
Something else helps too
We have sent an average of $2.5 Billion in aid to Israel every year for the last decade. $103 Billion since the founding of that state in 1947.
I am going to judge the value of that either way (that is another issue), but for a country of about 6 million, it certainly helps clear the way for a lot of projects.
If someone sent us the equivalent, it would be about $125 Billion per year and that would certainly help us in many ways.
Agreed but.............
You are missing the point. Loans and tax breaks are why they left the USA with the end result being a 2% GDP increase from the last plant alone. Over 2,000 people employed paying taxes and spending money which in turn creates more jobs and more tax revenue.
The greedy man goes broke selling at 14 while the smart man sells at 11
and thrives.
Actually, I may not have been clear
If we had an influx of $125 Billion/year, we could also afford to give loans and tax breaks.
Of course, as it stands now, we give all kinds of tax breaks and still spend our way into debt.
The tax cuts from 2001 have not been invested into manufacturing or job creating businesses. Rather that money (paid for by loans from Asia) was used to create elaborate schemes on Wall Street, for which, of course, we are all paying for now.
I think our business priorities are no longer for long term growth, but rather "how much can I make in the next quarter".
A shame…and a waste of talent.
Agreed.
Funny that word contains what is destroying us! hah!
Green Shoots!
Perhaps if implemented, it will drive up the price of tents so the tent city owners in the area can re-invest their new-found wealth and be able to buy stocks! Dow: 20k!
Every other industrialized country in the world
Every other industrialized country in the world has national health insurance. Their companies don't have to pay for healthcare, so they have a huge advantage over companies in the United States. Toyota just recently located a plant in Canada instead of the U.S. because healthcare costs are lower there.