The planned redevelopment of the former General Motors plant at 801 Boxwood Road outside Wilmington will produce more than $281 million in annual impact and create 2,100 permanent jobs, according to a report by Econsult Solutions.
Newport-based developer Harvey Hanna & Associates, Inc., which commissioned the study, released the results on Thursday.
“Since purchasing the former GM plant in 2017, Harvey Hanna’s plans for the property have been focused on a singular mission to create thousands of lasting, 21st century jobs for the residents of Wilmington, New Castle County and greater Delaware,” said Thomas J. Hanna, president of Harvey Hanna & Associates. “This study affirms our belief that creating a modern distribution and business campus can help restore this property’s long history as a vital source of employment and a nucleus for the local economy.”
Construction would generate $6.8 million in taxes for the state, and another $7.6 million in annual revenue through personal and business taxes upon completion, according to the study. Red Clay School District and New Castle County will also benefit, with $2.4 million in new property taxes.
Property values in the surrounding area would rise roughly 14 percent, bumping the median home price from $215,000 to $245,000.
“We must win the future,” said New Castle County Executive Matt Meyer. “This is further proof that Harvey Hanna’s redevelopment vision could create thousands of jobs and transform our largest shuttered factory into an economic engine for generations to come.”
Harvey Hanna filed its Brownfield Redevelopment plan with the New Castle County Department of Land Use in April. The plan would bring three million square feet of new commercial place to the 142-acre property. The developer also has plans to add $150 million in transit-oriented development around the SEPTA rail station in downtown Newport.
“The transformation of the former GM plant from a vacant brownfield to a thriving center of jobs and commerce holds the potential to create economic impact far beyond the property itself,” Hanna said. “By generating new jobs, raising property values and creating additional tax revenue, we hope to serve as a catalyst for the revitalization of downtown Newport and other communities across the region.”