Ford Motor has sold 239 acres of the previous Wixom assembly plant in Michigan, US to Trident Barrow Management, a unit of Barrow Development.
The company aims to develop the place in accordance with Wixom's newly created Planned Unit Development District by building properties including manufacturing, research and development, office and limited retail.
The demolition of the plant on the 239 acres is scheduled to start by March 2013.
Barrow Development Group co-founder Brian Wilson said that the company's goal is to make the property an asset with long-term value.
"Although it's too early to determine future plans for the site, we will collaborate with both the city and the community when planning for future development," Brian added.
The Wixom plant was started in 1957 that produced vehicles including the Lincoln Continental, Town Car, LS, Mark VI, VII, VIII, the Ford Thunderbird and Ford GT, till the company halted the production in the plant in 2007.
