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ANN ARBOR, MI-Fifteen developers have taken an interest in renovating an old Eaton Corp. plant on the outskirts of downtown Ann Arbor. The company, based in Cleveland, has hired the Staubach Co. of Southfield to sell the property when the plant closes next year.

“We are representing them in the sealed bid process,” said John Ozog, managing principal of the local firm. “The developers were issued a confidentiality agreement and a four-inch book that provides the majority of the due-diligence. They have until July 15 to submit offers.”

The five-story, 128,000-sf facility is being closed by Eaton by next year, Ozog told GlobeSt.com. Plant employees are being relocated to different facilities.

The building was originally constructed in 1863 and had nine add-ons from 1908 to 1950, Ozog said. The developers are being asked to include the original building in their new plans. “It’s most likely going to be a residential, mixed-use conversion. The Ann Arbor master plan has the area as residential, though the property is now grandfathered in as light industrial,” Ozog told GlobeSt.com. “It’s going to be an incredible conversion opportunity for the property developer.”

The city wants to continue residential development nearby, he said. “There might be some retail added on the bottom floor and lofts above, or whatever the developer can work out. It’s real close to downtown, where lots of lofts are. It’s a fish out of water right now,” Ozog said.He said the company does not have a target price for the building. “We’re leaving that to the open market,” Ozog said.

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