Manitowoc Cranes building under contract

The former Manitowoc Cranes property may soon have a new owner.

The City of Manitowoc and Progress Lakeshore — the area’s economic development corporation — are working with a company to purchase the property.

According to Project Lakeshore, a Wisconsin company has signed a letter of intent to purchase the property. The purchase would include Building A (340,000 square feet) and Building C (72,873 square feet) on approximately 60 acres.

The company is now in a due diligence period for the next 30 to 45 days before a formal announcement will be made. It hopes to have the facility open by the end of 2019 and plans to create a “significant” number of well-paying jobs.

The Manitowoc Common Council will vote on the development agreement with the company at its April 15 meeting.