Public records filed this week show Commercial Development Company, the owner of the former General Motors property in Janesville, paid $9.6 million for it.
According to a real estate transaction filing made public Monday through the state Department of Revenue’s property transfer database, Commercial Development of St. Louis paid $9,570,000 for the 4.8-million-square-foot defunct auto plant and the nearly 300-acre site it occupies on Janesville’s south side.
Commercial Development announced in late December 2017 that it bought the GM plant but declined to say at the time how much it paid. The purchase came after months of negotiations between GM and Commercial Development, which said it was working to close on the sale last fall.
The property was last listed in city of Janesville tax records in a 2017 bill issued to General Motors. The bill said the factory had an assessed value of $8.6 million and a “fair market value” of $9.7 million. The GM plant had essentially been shuttered and mothballed since 2009.
According to the Department of Revenue filing, Commercial Development closed on the property Dec. 19, 2017. Commercial Development made the purchase public the next day, and representatives then traveled to Janesville and met with GM officials at Janesville City Hall for a press conference on the purchase Dec. 21.
Commercial Development CEO Randall Jostes said then that the company intends to demolish and remove most, if not all, of the former auto plant complex over the next year to 18 months. It will then clear the land and redevelop the site, he said. Asbestos removal and demolition could start as soon as early spring 2018, the company has said.
Commercial Development is a large-scale brownfield redeveloper that has tackled hundreds of defunct industrial properties. It wants to clear the Janesville site to market development for multiple new industries, Jostes said.
Jostes said one part of the existing GM structure that could survive is near a rail spur in case one company that has shown interest in the site would prefer to use what’s already there.