As reported on abc12.com: By Amy Hybels
FLINT, Michigan (WJRT) – (10/16/2017) – “We’ve learned and proven that if we fix it, they will come,” said Frank Crivello, Chairman and Founder of Phoenix Investors.
New owners have paid more than 3-million dollars for the former Delphi Flint east property.
Phoenix Investors says it’s in talks with possible tenants for the site–
But until then they plan to spend time sprucing up the old industrial plant.
The owners certainly not revealing much, but Chairman Frank Crivello says he is having discussions with warehouse distribution type users as well as manufacturing.
While they don’t have a tenant just yet, he says they are committed to redeveloping the facility on Flint’s East side that has sat vacant since 2013.
“I can tell you approximately the investment to put that property back into useful shape is at least 12 million dollars,” said Crivello during a brief interview at the airport Monday afternoon.
And that’s on top of the $3.15 million they’ve already spent to purchase the former Delphi East plant.
“We’re a long term holder of real estate, we don’t buy, fix, and sell, we buy, fix and hold,” he said.