General Motors (GM) officials are exploring the possibility of financing a $1 billion renovation project that would overhaul the company's Technical Center in Warren, Michigan, Bloomberg reports.
The 60-year-old facility, located just outside of Detroit, is expected to receive new offices and workstations for information technology, software development, mechanical engineering and other fields of production.
Although the decrepit Technical Center is likely to undergo a massive overhaul, GM officials have yet to confirm renovation plans.
"The campus is in need of renovations to make it a world-class facility," company spokesman Dan Flores told Bloomberg.
"But we have not approved the project yet."
GM is waiting on Warren city officials for tax breaks aimed at easing the cost of renovation plans. However, the automotive giant has not received approval for the renovations from the local government.
Plans for the overhaul of the Technical Center are still being deliberated on by company officials and investors. For now, the $1 billion project is being kept private by the leadership of GM.
"It's very possible that the place really hasn't been updated," AutoTrends Inc. President Joe Phillippi also told Bloomberg.
"Given the things GM needs to do and all of these advanced technologies, they probably need the space."
The company is also said to be planning a $1.3 billion expansion project for its assembly plant based in Arlington, Texas.
