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CDC Buys Largest Development-Ready Tract of Land in Philadelphia Market
Commercial Development Company Inc. (CDC) announces the purchase of a 138-acre development-ready tract of land in northeast Philadelphia. The site was purchased from TEVA Pharmaceutical Industries Ltd., who had once selected this site as an expansion location.
The site has been unoccupied for 8 years, however CDC now believes the timing is right for new development. CDC has developed a market-ready plan to bring in end users who will take advantage of the site's attractive development attributes.
"This is the largest development-ready tract of land in the Philadelphia market," said Steve Collins, Executive Vice President of CDC, "Aside from the size of the property, our market analysis indicates significant potential for development due to the site's location, industrial zoning, the KOZ designation, and access to Philly's strong and skilled workforce."
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March 2018 Newsletter
CDC Purchases 138-Acre Development-Ready Site in Philadelphia Market
ELT Welcomes Colleen Kokas as Exec VP
Making Progress at Tanners Creek Power Plant Redevelopment Project
Spring 2018 Conference Calendar
Seeking to Assume Environmental Liabilities
and/or Purchase Brownfield Real Estate
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Currently Seeking to Purchase Retired Assets & Assume Environmental Liabilities in All Sectors
If distressed real estate is impacting your operations, transactions, or balance sheet, please contact us for a no-cost site assessment.
ELT will consider purchasing real estate assets and assuming environmental liabilities at all price points.
Phone: 314-835-2813
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ELT Welcomes Colleen Kokas as Executive Vice President
E
nvironmental Liability Transfer, Inc. (ELT) is pleased to officially welcome Colleen Kokas as Executive Vice President. Ms. Kokas is recognized across the county as an expert in brownfield redevelopment and remediation, and was recently awarded the "Lifetime Achievement Award in Brownfields for 2017" by the Brownfield Coalition of the Northeast.
Her primary tasks at ELT will be to educate the redevelopment community and government agencies of the advantages of utilizing environmental liability transfers during sustainable redevelopment projects. She will also be evaluating new avenues of opportunity for ELT and exploring incentives to fill gaps in the redevelopment process.
Additionally, Ms. Kokas will be working closely with the newly-created EPA Superfund Task Force to encourage the use of ELTs as a risk management tool to jumpstart environmental cleanup of Superfund sites.
"Colleen's work at NJDEP has made a definitive and positive impact on the state of brownfield development today - and we are thrilled that someone of her caliber has chosen to team with ELT," said Randall Jostes, ELT CEO.
CONTACT
Colleen Kokas, Executive Vice President
Environmental Liability Transfer
Email: ckokas@eltransfer.com
Phone: 215-630-0482
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Brownfield Redevelopment Update: Tanners Creek Power Plant
CDC is making significant progress in its efforts to redevelop the Tanners Creek Power Plant, a retired coal-fired power plant site once generating 1000 MW along the Ohio River.
In Fall of 2016, CDC purchased the plant and real estate assets from Indiana Michigan Power (I&M), a unit of American Electric Power (AEP). During the transaction, CDC affiliate Environmental Liability Transfer, Inc. (ELT) assumed responsibility for environmental liabilities associated with the site.
Since that time CDC has been working to reposition the site and d
evelop a market-ready plan to return the retired energy asset to productive use. CDC believes the site has enormous potential for new development and job creation for the greater Southeast Indiana-Cincinnati region.
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Watch Tanners Creek Summary
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Environmental Remediation
EnviroAnalytics Group LLC (EAG) is working with Indiana Department of Environmental Management (IDEM) to execute a remedial action plan which includes: environmental surveys and site analysis, coal storage cleanup, the abatement and removal of asbestos containing materials and universal waste, and the capping and/or removal of former coal combustion residual complexes at the site.
Demolition
Building demolition at Tanners Creek is nearly complete and will be finished by mid-2018. Activities include the demolition of all existing structures on the property, including the former powerhouse and stacks. Demolition of the site is being completed by Industrial Demolition LLC, an affiliate company created by CDC to provide demolition support for the Company's many ongoing brownfield reclamation projects.
"I am very pleased with the tremendous progress our team has made at Tanners Creek - the efficiencies and work ethic they have shown throughout the process has shaved years off our original estimates and positioned the site for new opportunities faster than expected." --Randall Jostes, ELT CEO
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Redevelopment Timeline
2015:
Tanners Creek Power Plant shutdown
2016: CDC purchases Tanners Creek Power Plant; ELT assumes environmental liabilities 2017: CDC grants the Ports of Indiana a due diligence period to explore a port development along the Ohio River 2018: EAG completes environmental remediation. Industrial Demolition LLC completes demolition 2019: The site will be regraded for development activity; main ash pond capped
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2018 Conference & Meeting Calendar
Our teams will be participating at multiple industry conferences in 2018. Our spring calendar is listed below. If you are attending any of these events, we would love to hear from you and find a time for introductions.
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Commercial Development Company, Inc. (CDC), Environmental Liability Transfer, Inc. (ELT), and EnviroAnalytics Group LLC (EAG) comprise one of North America's most impactful brownfield redevelopment and environmental remediation and consulting firms. Our focus is finding win-win solutions to environmentally-impacted real estate and helping clients navigate the complexities of environmental liabilities within the areas of real estate development, environmental liability transfers, sustainable redevelopment planning, risk management, and environmental remediation.
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Purchase & Develop Real Estate
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Assume Environmental Liabilities
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Environmental Remediation
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Contact Us
For more information about anything in this newsletter or to schedule a confidential discussion regarding your environmental liabilities, please contact us.
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