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This Week's Most Popular

Rust to Diamonds

Published Thursday, October 01, 2009

Among old auto plants, investors can find property gems, but excavating them isn't easy. In Norwood Ohio, locals refer to the day the last Camaro rolled off the assembly line of the General Motors plant as Black Wednesday. It was 1987, and 4,000 people in the city of 22,000 lost their jobs, while the 3 million sq. ft. plant that had pumped life into the city since 1923 lapsed into vacancy and neglect. With the closing, Norwood lost a third of its tax base, $2.6 million in annual revenue, forcing the city to cut 40 municipal workers, close ...

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