In a unique public-private partnership designed to spur economic development and create new jobs, Lormax Stern Development Co. has agreed to purchase the former General Motors Stamping Plant and partner with the City of Wyoming (Mich.)  to redevelop the property.

Lormax Stern, a development company based in West Bloomfield, will purchase the 90-plus acre site, including the 2 million-square-foot stamping plant that closed in July 2009.  Lormax intends to demolish the 75-year-old plant.  The company will then work jointly with Wyoming to redevelop the property, for which the city will pay $1.

The sale is one of the first successful dispositions of GM facilities after the automaker reorganized under bankruptcy protection in 2009.  The agreement was announced this morning during a joint media conference held by Wyoming city officials and executives from Lormax Stern and The Right Place Program, which will be marketing the parcel internationally.

Work on the site could begin in April, with tear down and clean up expected to be completed within 18 months.  Plans call for the parcel to be redeveloped into one or two large sites for advanced manufacturing facilities over the next 48 months.  Additionally, the site would be ideal for an industrial park, with a large anchor and its multiple suppliers.

"We are extremely pleased to announce such a tremendous partnership between the City and Lormax Stern," said Wyoming Mayor Jack Poll.  "Since GM announced its intent to close the stamping plant two years ago, we have been working diligently to ensure a useful second life for this highly visible and highly desirable property, which is one of the largest tracts of open industrial land in West Michigan.

"We have an excellent skilled workforce in Wyoming, and we remain committed to attracting and retaining high-paying industrial jobs.  We are anxious to get to work with Lormax and The Right Place to begin a productive 'next chapter' for this property."

Built in 1936, the Wyoming plant was central to the automaker's sheet metal stamping operations and home to some of its most highly regarded tool and die makers.  The sprawling site, which is bounded by U.S. 131, Buchanan Street SW, 36th Street SW and 40th Street SW, employed more than 3,000 at the height of its operations.

Lormax will add the former GM property to its already substantial portfolio of commercial real estate holdings in four states.  The company, which has ties to West Michigan through its successful redevelopment of Centerpointe Mall, intends to use this project to diversify its holdings and focus on industrial properties as well.

"This is an exceptional piece of property in a prime location with great rail and highway access," said Chris Brochert, partner of Lormax.  "Additionally, it enjoys very high-quality industrial infrastructure when it comes to water, sewer and power.  Add to that its location in Wyoming, which has low taxes and is recognized as an excellent place to do business, and the combination is unbeatable.

"We are very pleased to acquire the site of the former GM stamping plant and look forward to working with the City of Wyoming and The Right Place on its successful redevelopment."

Lormax will hold exclusive rights to redevelop the property, which must conform to the city's current zoning requirements.  The City of Wyoming has committed to finance the road and related infrastructure needed to support the redevelopment of the parcel for advanced manufacturing.

"This is one of the best sites in the GM portfolio, and a critical piece of industrial property in West Michigan," said Birgit Klohs, president and CEO of The Right Place Program.  "It is one of the largest open pieces of urban property available in our area.  Its location, size and infrastructure make it a very attractive site that we will work hard to put to its highest and best use.

"We look forward to working with Lormax and the City of Wyoming, with support from the Michigan Economic Development Corporation and support from the new leadership in Lansing.  This partnership is indicative of the spirit of cooperation that gives our region its reputation as a great place to do business."

www.ci.wyoming.mi.us