WYOMING, MI-Lormax Stern Development Co. will purchase the 90-acre property that includes the two-million-square-foot former General Motors Stamping Plant here. The West Bloomfield, MI-based firm will work with the city to bring one or two large industrial users to the property.

The 75-year-old sheet metal stamping plant, located along US 131, at one time employed up to 3,000 workers, but was closed in 2009. The firm formed to handle GM’s unwanted properties, Motors Liquidation Co., sold the site to Lormax Stern for an undisclosed amount.

After the deal closes in April, Lormax will sell the site to the city for $1, but will hold an exclusive right to develop the property. The city will provide any necessary infrastructure, but also has the right to veto a development it doesn’t like.

Chris Brochert, a parter at Lormax, tells GlobeSt.com that the site will not be multitenant. “What we intend is one large anchor, possibly 500,000 to 600,000 square feet of an advanced manufacturer or food processing plant. We would also allow for development of buildings for any suppliers that want to locate near the anchor,” he says.

The property is one of the largest tracts of available industrial land in West Michigan, said Mayor Jack Poll in a statement. Demolition of the old plant could begin as soon as the deal is done and could be completed by late 2012, he said.

The seller has a trust for any required environmental cleanup of underground issues, Brochert says. His firm will handle any above ground contamination, he says.

Brochert’s company is known primarily for retail development, including the redevelopment of Centerpointe Mall in this area. However, he says times are tough for retail, and the company needs to diversify its services. “We’re not developing retail anymore, there’s just no market for it and we don’t see a market for it in the foreseeable future,” he tells GlobeSt.com. “However, an industrial building is very similar to a retail building – you got high roofs, similar needs. A Costco and a 150,000-square-foot warehouse are not that much different.”