Detroit’s Land Vacancies Bring Industry
Detroit is looking to cash in big on industrial companies looking to expand.
In 2012, a study uncovered approximately 20 square miles of unutilized land. The vacant land serves as prime real estate for firms looking for land packages that would give them the ability to grow and build over time. As this type of land is currently in high demand, Detroit recently commissioned a land-mapping analysis that would identify vacant properties that could potentially be combined to create larger parcels of land.
“You’ve got to have the acreage assembled to be able to accommodate a facility of 200,000 to 400,000 square feet,” said Michael Samhat, President of Crown Enterprises.
Samhat explained that companies are looking for tracts of land in appropriate locations. These locations include assembled land parcels with easy access to main roads so they aren’t required to drive through neighborhoods.
In addition to location, companies are interested in finding tracts of land in areas with an accessible talent pool, making Detroit a viable location for industrial growth. Thanks to Detroit’s history with the automobile industry, it is currently home to a vast pool of engineers, assemblers, and other industrial-appropriate work forces.
The current push to bring more industry to Detroit seems to be working. Currently, in Detroit’s east side, Flex-n-Gate, an auto parts supply company, is hard at work prepping a land parcel they recently acquired. The company will be completing a 350,000-square-foot plant at the Interstate 94 Industrial Park. This new construction is said to add approximately 750 jobs to the Detroit market upon completion.
Flex-n-Gate is not the only manufacturer capitalizing on the Detroit land vacancies. Several other large-scale firms are planning to invest millions of dollars into the Detroit landscape—rejuvenating the manufacturing industry which had begun to dissipate over previous years.
“I do not think Detroit is a tough sell,” Peter Chapman, executive vice president for Detroit Economic Growth Corp.’s business development. “What we find when we’re speaking with prospects is they want to be within a rich and robust cluster of other automotive and other advanced industries. We have that healthy supply chain with regard to automotive and advanced manufacturing.”
News Source: http://wtop.com/business-finance/2017/08/detroit-luring-manufacturers-to-industrial-park-vacant-land/