January 18, 2013 Category: Commercial Real Estate
When a company purchases a large piece of commercial property, it has to conform to the rules and regulations of the city government. However, many times the city government will also proactively help the new owner of commercial real estate make the transition, since it will help stimulate the local economy. This may be what is happening with the new owners of property in Michigan which was purchased from Ford Motor Co.
The new owners, Trident Barrow Management LLC, are working closely with the city government to ensure that the commercial property is developed in accordance with the city’s development plans for the specific district. In return, officials say they will allow the new owners flexibility as far as what types of property uses the new owners will be allowed to develop. The city mayor and officials have been actively helping the new owners with permits for demolition, which was already a part of the city’s development plan.
Ford retained ownership of 45 acres of the property and plans to move forward with demolition required by another legal contract. The auto company had owned the property since 1955 and opened its newly-constructed assembly plant in 1957. In 1997, with a new expansion of 500,000 additional square feet of space, the plant became the biggest Ford assembly plant located in North America.
The new owners of the Michigan site plan to continue the site’s history of housing successful businesses by developing the commercial real estate property to complement and enhance the city’s development plans. However, when dealing with complicated legal matters such as city ordinances and local rules and regulations, it may be helpful to have researched the applicable laws and statutes. This can help avoid unnecessary problems down the road with fines and even potential lawsuits.
Source: MLive.com, ” Former historic Ford plant sold for redevelopment ,” Michael Wayland, Jan. 5, 2013