The former riverfront home of Ford Motor Company's Twin Cities Assembly Plant in St. Paul holds tremendous potential for redevelopment, Mayor Chris Coleman said Tuesday.
Ford plans to start marketing the 125-acre site next year after it completes demolition and environmental clean-up there.
"Few fully developed cities have an opportunity like we have here to redevelop a site as important as the Ford Motor Co. site," Coleman said. "And we have to develop it in a way that embraces the best in innovation, in modern thinking, and current opportunity."
St. Paul officials plan a land-use study to help weigh possibilities for the land. They also are considering whether to incorporate green energy into the redevelopment plan.
Other studies underway are looking at job-growth potential and transportation options for the site.
Representatives from Ford declined to speculate on what the asking price for the property would be. The Ramsey County assessor's office puts its value at nearly $50 million.
Video from March, 2014: