Editor's note: This article has been corrected to reflect Teresa Gillotti's correct title. She is the Ypsilanti city planner, not the city manager.
Less than three years after promising to bring hundreds of new jobs to Washtenaw County, Angstrom USA, LLC is looking to sell or lease its plant facilities in Ypsilanti. Angstrom is looking to shed all or part of the 715,000-square foot property, listing it with Signature Associatiates, the same company that managed Angstrom's purchase of the property.
Parts of the former Visteon plant owned by Angstrom USA have already been demolished.
Angstrom, a tubular parts manufacturer, planned to bring up to 400 jobs to the plant but has struggled to secure contracts from the Big Three automakers that would allow the company to ramp up production in Ypsilanti.
Listing agent Brad Viergever said the company is not manufacturing any parts at the plant but could have some production at the facility in the future.
“They don’t feel that they have enough production work to fill the entire building, so they are willing to lease portions of the plant for warehouse or manufacturing uses,” he said.
“If we pursue a sale, it would be to another large manufacturer who would make use of the whole plant or a redeveloper who would look to do something else with the site.”
The property is zoned as an industrial space, but city planner Teresa Gillotti said it could be developed for other uses.
“Once you’re over an acre you can come in and say you want to do something different and the city will work with you on development options,” she said.
“If someone wanted to come in and do an office park or commercial uses they would be able to apply as a planned unit development (PUD) that could be approved by the city.”
The listing price for leasing the property is $2.50 per square foot annually. Viergever said the price could be negotiable, depending on the tenant and how much of the plant the business wanted to take over. For sale, Angstrom is asking for $9.8 million or $13.71 per square foot.
According to the city website, Angstrom purchased the plant and the lot for $2,000,000 in 2009. The plant’s assessed value for tax purposes is $754,000, giving it a market value of about $1,500,000. The parking lot was last assessed at $150,700, making its undeveloped market value about $300,000.
Angstrom representatives could not be reached to comment on plans for the parking lot or the plant.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2