Developer who bought former Delphi land believes in Ohio

The California developer who bought more than 50 acres of former Delphi Corp. property in Dayton and has toured the General Motors Corp. plant in Moraine has an extensive track record in Ohio.

Since late 2007, Stuart Lichter’s Downey, Calif.-based Industrial Realty Group has worked at buying Goodyear Tire & Rubber’s Akron headquarters and redeveloping it. IRG plans to redevelop the site and lease it back to Goodyear, a plan credited with keeping the tire producer in Akron.

In a telephone interview July 23, Lichter — who was in Cleveland — estimated that his company owns 30 million to 35 million square feet of property in the Buckeye State.

“We have long history of success at this, especially in Ohio,” Lichter said.

Much of that success comes from ignoring the conventional wisdom about “Rust Belt” opportunities and forging ahead, he said.

“I think there is conventional wisdom out there that we don’t really believe in,” Lichter said. “We don’t believe manufacturing is at an end in the United States. We’ve never believed that.

“In making these facilities practical, we can offer transactions that are attractive to the market,” he said.

MedWork Occupational Health Care LLC has signed on as the first tenant for the former Delphi property along Cincinnati Street off Interstate 75. Lichter expects more tenants and uses, including possibly a hotel. He also intends to bring down an industrial building on the site, which he called “obsolete.”

GM still owns its former SUV plant in Moraine, off Ohio 741. But Lichter said he likes the building. He toured it at the invitation of Moraine City Manager Dave Hicks last month.

Said Lichter, “Whether we end up acquiring it or someone else, we have no way to know at this point.”

Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.

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