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Owner Seeks Redevelopment Ideas for Idle 1M-SF Plant

LEXINGTON, NC-Lexington Home Brands, owner of a shuttered one-million-sf furniture manufacturing plant here, hires a company to figure out how best to redevelop the 25-acre site and then identify potential investors.

By Brian K. Miller | Updated on August 04, 2005

LEXINGTON, NC-Lexington Home Brands wants to leave this town knowing its idle one-million-sf plant will once again become an economic engine for the region. The marketer and manufacturer of upscale branded home furnishings has retained Idled Assets Group of Boca Raton to determine the most viable redevelopment opportunities.Over the next three months, Idled Assets Group chief executive Ed Prins tells GlobeSt.com he will conduct market research, cost estimation, financial analysis, financial structuring and community outreach to figure out what options pencil for the 25-acre site. Prins says he also will target new users and investors, and that the process should take about three months.”My job is to go in and do the base work for what it can be so Lexington knows what it’s worth and the market knows what will work,” he says. “We will do everything we can to make it as easy as possible to make it easy for the next person who comes in.”Prins says the city well located, 45 minutes from Greensboro and one hour from Charlotte. The plant is adjacent to an old rail depot that is also slated for redevelopment and just south of the city’s Uptown area, which has a main street with restaurants and shops.Lexington’s CFO Craig Spooner says the plant has been part of the community for 100 years and “we felt that we owed it to the community and ourselves to explore how we could create an economically contributing member of the community again from our manufacturing plant.”

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