PHILLIPSBURG, N.J. - Phillipsburg Mayor Stephen Ellis said the old Ingersoll-Rand site will be transformed into 1.5 million square feet of warehouse space.
Ellis said Chicago-based buyers, Bridge Development Partners, had their eyes on the property for years.
If all goes according to plan, the company will close on the deal in 30 days.
The new plans appear similar to those proposed by developer Opus Investments, which purchased the Ingersoll-Rand property in 2015.
Ellis said Opus Investments was dissolved and current property owners, I-78 Logistics, is selling the property to Bridge Development Partners.
According to its website, Bridge Development Partners specializes in redeveloping brownfield sites and has offices around the country.
The Ingersoll-Rand land, a brownfield, has been undergoing cleanup for years.
Mayor Ellis said once the property sale goes through, the company has the resources to build quickly.
"It feels like jobs. And that's what Phillipsburg needs,” Ellis said.
Plans for the new property layout include building a new road to Route 22, which Ellis said should cut down on the amount of truck traffic through Phillipsburg.
Ellis says Bridge Development Partners plans to sell the warehouse space to companies.
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