FLINT (MI) — City officials have stated that a pending Buick City sale is contingent on a settlement on environmental issues at the property of more than 350 acres.
Ashley Capital, a large privately-held investment company in real estate, has signed a contract to buy all of Buick city’s remaining stock, according to an official from the trust that holds it.
In a news release, Friday’s city said that Ashley was under contract for 12 consecutive months. It also stated that the sale is conditional on the Revitalizing Automotive Communities Environmental Response Trust and Ashley reaching an agreement on environmental cleanup.
Although RACER has remedied PFAS and other contamination at Buick City and made other efforts to do so, the trust stated in a Friday statement that environmental conditions at Buick City are not a hindrance to its redevelopment or safe reuse.
We are used to working in close cooperation with buyers, end users, community leaders, and environmental regulators to ensure the safe reuse our former GM properties, such as Buick City, according to the RACER statement.
Flint Mayor Sheldon Neeley called the sale of the property a positive development.
Neeleys statement stated that Flint continues its efforts to foster new opportunities to benefit the community through partnerships and our efforts. We have worked hard in finding opportunities to revitalize Flint’s commercial sector. An investment of this magnitude could bring thousands to our community.
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