Ford Motor sells Atlanta plant to real estate developer
13 Jun 2008
Ford has announced the sale of its Atlanta assembly plant property located at Hapeville in Georgia for an undisclosed sum to real estate developer Jacoby Development Inc, asa part of its restructuring efforts to return the company to profitability
Jacoby plans to redevelop the 122-acre site adjacent to Hartsfield-Jackson Atlanta International Airport into an ''aerotropolis'' – an aviation-intensive business district that is expected to include office, retail, restaurant, hotel and airport parking.
''This is a unique property with great development potential,'' said Jay Gardner, director, real estate, Ford Land. ''We are delighted we were able to engage all of the stakeholders – the cities, counties, airport and FAA – and select a buyer able to deliver a viable and exciting development. We are confident Jacoby's project will serve the community well.''
Atlanta Assembly opened in 1947 and built a variety of historical models including the Ford Fairlane, Fairmont, Falcon, Galaxie, Granada, LTD, Rachero, Torino, Thunderbird, Marquis, Sable and Taurus. It closed in October 2006.
The redevelopment of the Atlanta plant site will have a global focus to capitalise on the airport's future international terminal.
Jim Jacoby, chairman and CEO of Jacoby Development Inc, said, ''Just as the Ford assembly plant has been an economic engine for the region for more than half a century, this redevelopment will build on the powerful economic engine that is Hartsfield-Jackson Atlanta International Airport.''
The acquisition of the property has been welcomed by city authorities. Mayor Alan Hallman said, ''We are pleased that the redevelopment of the Ford assembly plant site will serve as the touchstone for the Southside that Atlantic Station has been for Midtown. The new development will bring thousands of jobs to our community.''
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