Warren native acquires property for AutoParkit after 3 years
It took three years, but Warren native Chris Alan finally has the former Packard Electric properties on Dana Street he needs to run his AutoParkit automated parking company.
U.S. Bankruptcy Judge Kay Woods of the Nathaniel R. Jones Federal Building and U.S. Courthouse in Youngstown on Tuesday approved the sale of 21 acres of the former Packard facilities on either side of Dana Street to a holding company owned by Alan for $150,000.
Alan’s company also will pay about $250,000 in real estate and city taxes and fines owed on the former Maximus III-owned property. Alan says the total cost is about $800,000 plus attorneys fees.
Alan signed a purchase agreement in September 2015 to buy the facilities from its former owner, Sergio DiPaolo of Maximus III Properties, but negotiations broke down and Alan had to wait to acquire it through bankruptcy.
Adding the former Packard buildings to the two former General Electric buildings he owns on Dana totals 30 acres and 380,000 square feet of industrial space.
Environmental cleanup and construction of the manufacturing buildings DiPaolo partially scrapped is likely to begin by October and put the startup of Alan’s distribution center by the end of 2019.
Read more about the transaction in Wednesday's Vindicator or on Vindy.com.