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11-08-2013, 12:08 PM | #1 |
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Ford sells shuttered Dealership in Gary, Indiana for $10
A newspaper report indicates that Ford sold a shuttered dealership in Gary, Indiana for $10 to the local government Redevelopment Commission. For the full report - click here
The report caught my attention for several reasons: I thought it was interesting that Ford was selling off the real estate and the low selling price made sense once I read that the soil under the dealership was contaminated.While I'm not familiar with Gary, IN it appears this location is very close to a major Interstate. I can't help but think that the community would be better served if this point were re-established as a new car dealership but maybe there's a reason why that hasn't happened. |
11-08-2013, 12:22 PM | #2 |
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I just did a quick Google Search and found a Loopnet listing for this property back in 2006 - it looks like this dealership has been closed for a long time.
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11-08-2013, 02:10 PM | #3 |
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Closed a long time. Ground was contaminated as well. City wants to clean it and use it for expansion around Indiana University local campus housing expansion. No dealer in their right mind would consider using that location today. At one time 30 years ago it was a huge dealership with big sales numbers. Urban blight killed it.
Only issue is Gary is in sad shape financially. How the city will make up a $30,000 tax shortfall is the big question. Property is about 1 1/2 mile south of I94 on Grant Street...about 12 miles east of Illinois/Indiana border. Last edited by chryslersrt8; 11-08-2013 at 02:13 PM. Reason: Added last sentence |
11-09-2013, 09:48 AM | #4 | ||
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Quote:
Quote:
I'd still be interested to know if Ford has completely severed their liability for cleaning up the contaminated soil? Concerning the $30,000 in property tax - based on the current top lease offer of $200/month for the dealership I'm betting that it's going to be a long time before the Redevelopment Commission generates enough rent to offset the loss in property tax. That's why I thought the point must be viable. As a West Coast guy when I see a dealership location near a major freeway off-ramp I just assume it's a goldmine. |
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