The Electro-Motive Diesel plant, which has been vacant since Caterpillar Inc. closed it in February 2012, now has a buyer.
There is an agreement in principle between the buyer and the seller for the Oxford Street factory.
Peter Whatmore of realtor C.B. Richard Ellis says this is potentially good news for the area.
He says Caterpillar will release more information in the coming weeks.
Some 500 workers lost their jobs when Caterpillar closed the factory after the employees had been locked out for a month.
The company had demanded wage cuts of nearly half and other concessions so the plant could be in line with labour costs at its U.S. and other plants.
The union refused the concessions.
