MADISON, Wis. - Reich Brothers Holdings, a company that buys and repurposes old manufacturing plants, has agreed to buy the Oscar Mayer plant on Madison’s northeast side.
Madison Mayor Paul Soglin said he expects the new ownership will bring 600 to 3,000 jobs to the area.
“What we've wanted all along is to get the property into private hands with someone who is going to prepare it for development and the kind of development that we would like to see,” Madison Mayor Paul Soglin said.
Co-director of business development for Reich, Alex Reich said the deal to buy the property is in progress and should close by the end of this month.
Reich said the company plans to determine whether or not the plant can be utilized for its original purpose – manufacturing – but if that’s not possible they would redevelop the property.
“We are really here to do something good,” said Alex Reich, the co-director of business development for Reich Brothers Holdings. “Our intention is not to keep this vacant and let weeds grow for years on end. We are here to hit the ground running as soon as we close and really start repurposing the whole site.”
Both Soglin and Reich are remaining tight lipped on how the site will be repurposed.
He said the goal is to attract jobs and stimulate the local economy, “do something good for Madison and the state of Wisconsin.”