A major real estate deal could have significant ramifications for the local economy.
The sold sign went up in front of the former Lavington glass plant Friday, eight years after it was mothballed by Owens Illinois.
“It’s huge for the valley,” said Michael Molnar, chief executive officer of Vernon’s Restoration Lands.
Manufacturing will occur there, but specific details won’t be released until a press conference some time this week.
“There will be a lot going on there,” said Molnar.
“I’ve had a vision for this property for five years. O-I was outstanding to deal with.”
The property on Hill Drive covers 91.7 acres and is zoned general industrial on three titles. The building is about 10 acres in size, with the warehouse itself about 6.3 acres with six covered loading bays.
Negotiations between Molnar and O-I have been underway for some time.
“We got a signed contract Wednesday after eight months of back and forth,” said Bill Hubbard, the local realtor representing Molnar.
Don Kassa, a Vernon realtor, has been marketing the property for O-I since the plant closed in 2008.
“I am pleased to see someone local is the owner,” said Kassa.
“What’s interesting is at the 11th hour, we had numerous interested parties.”
The property was listed at $5 million, but details on the purchase price aren’t known.
“It was a fair deal for all involved,” said Molnar.
Jim Garlick, Coldstream mayor, doesn’t have a lot of details but he welcomes Molnar’s plans.
“We’re happy because it means something will happen there,” he said.
“If jobs are created, it’s a good thing.”
About 300 jobs were lost when O-I shut down the glass plant in 2008.