The unidentified firm plans to invest $12 million, the vast majority of which would be used to renovate existing facilities and environmental cleanup, according to city records. The site also has 26 underground storage tanks.
"This is a blockbuster, a huge opportunity for the city to make this property viable again," says George Dimas, Warren's economic development coordinator. "It's really going to be a shot of adrenaline in that neighborhood, that's for certain."
Initial projections show the company will create between 500 and 600 new, full-time jobs over time. The new headquarters calls for 110,000 sf of new office space.
The first structure at the southeast corner of Hoover and Nine Mile was built in the 1950s, and for years was the headquarters of Holly Carburetor. That company left in 1987, leaving behind testing labs, office space, a test track and prototype/shop facilities.
BorgWarner acquired the property in 1993. The company, which makes engine and drivetrain components, ran its air and fluid systems operation at the Warren facility until employees were relocated to the company's powertrain technical center in Auburn Hills in August2003, company spokeswoman Beth Feikens notes.
"The building is for sale. We have not closed on any deal," she adds.
City officials learned two weeks ago that a company was interested in purchasing the property for its headquarters and was also considering a site in Tampa, FL. "I think we've turned the corner. They're going to go with the city of Warren," Dimas says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
