Jacoby will redevelop the 122-acre site adjacent to Hartsfield-Jackson Atlanta International Airport into an “aerotropolis” – an aviation-intensive business district that is expected to include office, retail, restaurant, hotel and airport parking.
Ford worked with the city of Hapeville, Hartsfield-Jackson Atlanta International Airport and the Federal Aviation Administration to ensure the best use of the site. Ford did not disclose terms of the sale.
“This is a unique property with great development potential,” said Jay Gardner, director, Real Estate, Ford Land. “We are delighted we were able to engage all of the stakeholders – the cities, counties, airport and FAA – and select a buyer able to deliver a viable and exciting development. We are confident Jacoby's project will serve the community well.”
Added Jim Jacoby, chairman and CEO of Jacoby Development Inc.: “Just as the Ford assembly plant has been an economic engine for the region for more than half a century, this redevelopment will build on the powerful economic engine that is Hartsfield-Jackson Atlanta International Airport.”
The redevelopment of the Atlanta Assembly Plant site will likely have a global focus to capitalize on the airport’s future international terminal.
Jacoby’s experience redeveloping large brownfield sites, including their mixed-use Atlantic Station development in Midtown Atlanta, was an important consideration for Ford.
“We are pleased that the redevelopment of the Ford assembly plant site will serve as the touchstone for the Southside that Atlantic Station has been for Midtown,” said Hapeville Mayor Alan Hallman. “The new development will bring thousands of jobs to our community.”
Atlanta Assembly opened in 1947 and built a variety of historical models including the Ford Fairlane, Fairmont, Falcon, Galaxie, Granada, LTD, Rachero, Torino, Thunderbird, Marquis, Sable and Taurus. It closed in October 2006.
