After being off the market for two years, Lavington’s former glass plant is back up for sale, at a significantly reduced price.
The 91.7 acre property on Hill Drive was just re-listed this week with a $5 million price tag, down from the original $9.7 million.
“They just got serious about wanting to sell it,” said Don Kassa, Re/Max realtor.
Owens-Illinois owns the industrial property, which has been vacant since 2008 when the glass plant shut down, forcing 300 people out of work.
Coldstream Mayor Jim Garlick hopes the new price will attract some new development into the community (there is a convenant on title that it cannot operate as a glass plant).
“The lower price will improve the plant’s potential to be sold,” said Garlick. “The lower Canadian dollar may also make the site attractive as a potential manufacturing site. We will wait and see what if any proposals result from these changes.”
The building is approximately 10 acres in size, and although built in 1969, it’s “structurally sound,” said Kassa.
The property also has a railway spur to the CN track which has increased activity with the recently constructed Pinnacle Pellet Plant.