ST. PAUL, MN-The oldest Ford plant still in operation will close next week, and the company is already looking for a buyer for the 125-acre site. Ford Land, based in Dearborn, MI, has hired CBRE Minneapolis/St. Paul Land Services Group to market the site.
Henry Ford opened in the plant with a hydroelectric dam on the Mississippi River in 1925, and the first year saw the Model T rolling off the assembly line. Most recently, about 800 workers at the plant have made Ford Ranger pick-up trucks and the Mazda equivalent. However, the company’s $5 billion cost-reduction plan singled out the facility and its 2.1-million-square-foot plant for closure.
Richard Palmiter with CBRE tells GlobeSt.com that Ford is working to demolish all the buildings on the site and perform an environmental cleanup. He says he’s not sure how long that will take.
The city has worked closely with Ford since the announcement five years ago, forming task forces, engaging planners and holding development brainstorming meetings. Ideas for the plant are varied, including keeping the site almost completely for manufacturing, to multi-use property for apartments and retail. Developers enlisted for consultant assistance for the site said it would be perfect for multifamily use, but the unknown environmental issues caused worry.
Palmiter wouldn’t really comment on what demand he’s seen for the site. “It’s one of the best pieces of land around, smack in the middle the apex of the downtowns of Minneapolis, St. Paul and Bloomington,” he says. “Demand can only get better as the economy improves.”
The property includes many tunnels from former sandstone mining operations. Twin City Hydro LLC bought the dam in April 2008 and plans to make it operational again.
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