Ford’s Atlanta Assembly Plant property Sold To Jacoby

HAPEVILLE, Ga. – Ford Motor Company today announced the sale of the Atlanta Assembly Plant property in Hapeville, Ga., to Jacoby Development Inc.

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.

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.

(June 12, 2008)