University of Delaware buys Chrysler Newark Plant

The University of Delaware has inked a deal to buy Chrysler’s former Newark Assembly Plant. The school got a good deal, paying $24.25 million, just over half of the property’s estimated value. In order to facilitate the deal, the university agreed to take responsibility for environmental remediation at the site.

UD plans to turn the 272-acre site into facilities for education and research and school officials say the deal could bring thousands of new jobs to the region and will increase the capacity of the graduate school.

The Newark Assembly Plant opened as a tank plant in 1951 and was converted to automobile production in 1957. Its most recent products were the Chrysler Aspen and Dodge Durango. The Newark facility was one of the properties shed during Chrysler’s bankruptcy.

Thanks to “gr8 dave” for the tip!