Industrial Commercial Properties has finalized an agreement to develop the former GM Stamping Plant in Ontario, Ohio.
The property includes 270 acres of developable land. When fully built out, the property could accommodate up to 2 million square feet.
Christopher Semarjian, owner of ICP, said that the company has experience bringing economic vitality and jobs back to former automotive sites.
The former GM Stamping Plant was closed in 2010 after a bankruptcy restructuring was announced in 2009. At the time of its closure, the plant had 600 employees remaining. The city of Ontario took possession of the property in 2018.
ICP has already acquired the first tenant for the industrial park, film producers Charter Next Generation. CNG has agreed to a long-term lease of the 45,000-square-foot former prep press building and plans to employ up to 50 people at the site starting in March of 2021.
ICP Is also investigating the construction of a 200,000-square-foot speculative industrial facility at the property, which could break ground in the summer of 2021.