LANSING — Riverside, Mo.-based NorthPoint Development sees opportunity in former automotive manufacturing sites around the state’s capitol.
NorthPoint Development and RACER Trust today announced an agreement that would have the Missouri-based industrial development firm acquire about 260 acres of former General Motors Inc. property in Lansing, Lansing Township and Delta Township. RACER Trust is a Livonia-based group that remediates former GM sites in multiple states.
“NorthPoint Development has rapidly emerged as a national leader in the construction of facilities that play an important role in the making and moving of critical supply-chain components,” Elliott P. Laws, administrative trustee of RACER Trust, said in a statement. “NorthPoint projects have resulted in hundreds of jobs and created new economic vitality and opportunities for a growing number of communities. We’re excited by the vision NorthPoint has for our Lansing-area properties, and to know that the redevelopment of these properties will be in such capable hands.”
The agreements cover all of RACER Trust’s Lansing properties, however the statement noted that there will be an undefined, “extended” period of time where NorthPoint will go through due diligence and planning, and seek approvals for development and construction.
A projected investment figure was not provided.
“We’re thrilled by this opportunity and looking forward to completing a project that our team, our tenant companies and the community will be proud of,” said Chad Meyer, president and COO of NorthPoint Development. “We’ve long recognized the potential of these properties for redevelopment and reuse and we look forward to working with community partners and industrial users who can benefit from the strong infrastructure, logistics advantages and strong workforce the area has to offer.”
NorthPoint Development has previously bought property from the RACER Trust in Kansas City and in Ohio. The company says it manages more than 28 million square feet of industrial property.