Madison planners are pushing a development plan through city approvals for the eventual redevelopment of the Royster-Clark site with little indication anyone will redevelop the plant.
Alderman Larry Palm said Canada-based Agrium Inc., which owns the plant and the surrounding 26-acre site, has a prospective buyer investigating the property, but declined to provide details.
Agrium spokesman Paul Poister declined to comment on any negotiations, but said the company is optimistic it can find a buyer.
The plant, which once produced fertilizer, closed in 2006.
The city’s redevelopment plan, which the Madison Long Range Transportation Planning Committee approved Thursday, calls for a mixture of commercial, retail and residential development.
But Tom Sather, president of Silverstone Partners Inc., a Middleton-based real estate firm, said even in good economic times, the site could take years to redevelop.
In addition to a weak market, the site needs extensive demolition and soil remediation work and contains a storm pond that needs environmental review.
In 2007, Sather and Michael Hershberger, president of Madison-based Urban Solutions Inc., teamed up to lead redevelopment of the site. They canceled their plans last year because of the weak economy.