REDEVELOPMENT UPDATE
CDC Secures Prysmian Group & Mayflower Wind at Brayton Point, Continues to Build Offshore Wind Hub
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Commercial Development Company (CDC) is pleased to announce a contract to sell a portion of Brayton Point Commerce Center to Prysmian Group for the construction of a new submarine power cable plant. Prysmian Group's total investment to build the plant will amount to $200 million.
Following acquisition in 2018, CDC set a goal to transform Brayton Point into a logistics and manufacturing hub for offshore wind energy. We are happy to report that we have achieved that milestone.
In December 2021, Massachusetts awarded contracts for 1,600 megawatts to two offshore wind companies, both of which announced operations would occur at Brayton Point. Today, the former coal-fired power plant site is now the future home to a subsea cable manufacturing plant (Prysmian) and an electric converter station (Mayflower) which will bring renewable energy directly to the local grid.
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Former Use: 1600-MW coal-fired power plant (largest in New England)
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Current Use: manufacturing plant and electric converter station for offshore wind generation
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February 2022
From Coal to Wind -- Brayton Point Continues to Attract OSW Secto
Recap of 2021 Redevelopment Projects
IARG Plant Liquidations
CDC/ELT Acquisition Criteria
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ELT ACQUISITION
ELT Acquires Chemical Plant, Facilitates $1.1 Billion Transaction
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ELT Announces Agreement to Acquire & Operate Midwest Chemical Plant
In September 2021, ELT announced the acquisition of a Midwest chemical plant, which was required to facilitate a greater transaction between two multi-national corporations. ELT's involvement cleared the way for completion of the deal, with an enterprise value of $1.1 billion.
An ELT affiliate now operates essential systems at the plant necessary for continued output at the 34-acre facility. Originally constructed in 1958, the plant has multiple functions including the manufacture of rubber accelerators and antioxidants.
"ELT is pleased to have played a critical role in this transaction by using our talents and capital to not only provide fair market value for the chemical plant, but also provide confidence to all parties involved that plant operations will continue uninterrupted," said Randall Jostes CEO of ELT.
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RECLAMATION & DIVESTITURE |
CDC Repurposes Retired Saw Mill as Oregon Port Property |
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In 2020, CDC acquired a 160-acre retired saw mill property from Georgia Pacific. While operational, the mill generated over 1 million feet of dimensional lumber per day. When the mill closed in 2019, the community experienced a loss of good paying jobs and tax revenue.
Following acquisition, CDC was able to restore the usefulness of property and prepare the site for an end user who could capitalize on the potential of the former mill.
“With this facility back in service, it is anticipated that it will bring with it the addition of well-paying family wage jobs to the area including longshore labor, yard workers and cargo handlers, as well as additional rail line crews.”
-- John Burns, Port of Coos Bay CEO
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DEMOLITION + REMEDIATION
Shell Global Engages CDC/ELT for 4th Petrochemical Decommissioning Project
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In 2021, CDC/ELT assumed decommissioning obligations for an oil storage terminal located in West Sacramento, California. Industrial Demolition LLC is currently performing demolition of oil storage tanks and support structures. This is the 4th petrochemical decommissioning project CDC/ELT has performed for Shell.
Shell Project #1: 135-site portfolio of bulk oil terminals located throughout Canada – COMPLETE
Shell Project #2: 3-site portfolio of bulk oil terminals located throughout United States – COMPLETE
Shell Project #3: 12-site portfolio of bulk oil terminals located throughout Canada – COMPLETE
Shell Project #4: Transfer of closure obligations, including demolition and site remediation at oil storage terminal in West Sacramento – UNDERWAY
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REMEDIATION + DIVESTITURE
CDC Restores Retired Polymers Plant, Sells to Vertical Developer
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CDC purchased a 19-acre retired PVC polymer resin manufacturing plant located in Lake Charles, LA in 2019. The transaction included the acquisition of real estate assets and a corporate indemnification of legacy environmental liabilities associated with the site.
Since the acquisition, CDC and affiliates prepared the industrial site for redevelopment - permitting, removal of industrial waste, demolition of existing structures on site, environmental monitoring.
Today, site restoration is complete and the site has been sold to a vertical developer.
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LIQUIDATION OPPORTUNITY
Rare Opportunity to Acquire Intact Processing Units at Midwest Chemical Plant
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IARG is pleased to announce the liquidation of an Emerald Performance Material's chemical plant located in Henry, IL. This plant retired in 2021 and manufactured specialty chemical products for elastomers, aviation, agriculture, and other industries. There are four distinct production areas which we are selling each as complete units. The plant has not been disassembled and the production equipment remains intact. We have the ability to match mark and ship these assets or sell the plant to a new user to operate in place.
We believe this is a unique market opportunity and would like to invite you to view the assets and speak with our team if you have interest.
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ACQUISITION CRITERIA
Seeking Industrial Real Estate Assets and/or Environmental Liabilities
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ELT has successfully assumed nearly $2 billion USD in corporate environmental liabilities for clients - and has never defaulted on an obligation or given a site back to the seller/PRP. Additionally, over 90% of ELT’s assumed liabilities have achieved final environmental milestones or are in the last stages of regulatory closure. This experience is critical when choosing a partner for environmental liability management.
If real estate and/or environmental liabilities are impacting your operations, transactions, or balance sheet, please contact us for a no cost value proposition.
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- Retired Manufacturing Plants
- Steel Mills / Metals Manufacturing
- Petro-Chemical
- Power Plants (All Types)
- Oil Refineries
- Heavy Industrial
- Chemical Plants
- Landfills, Quarries, Aggregates
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CDC employs a comprehensive 360° approach to buying and redeveloping retired industrial real estate. By bringing the entire process under one management group, CDC is able to create more favorable transaction terms for the seller and establish a sustainable remediation plan to reposition the site for its highest and best use.
By leveraging the core competencies of five distinct affiliate companies under common ownership, CDC has the unique ability to consolidate multiple elements for industrial site development into ONE comprehensive value proposition.
For more information on ELT or our affiliates, please visit our websites or download ELT's Brownfields Brochure.
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Commercial Development Company Inc.
- Real Estate Purchase & Development
- Over 300 Redevelopment Projects
- www.cdcco.com
Environmental Liability Transfer Inc.
- Environmental Liability Assumption
- Over $1.5 Billion USD in Liabilities Assumed
- www.ELTransfer.com
EnviroAnalytics Group LLC
- Captive Environmental Consultancy
- Over 35 Highly-Experienced Professionals (PhDs, PEs, etc)
- www.enviroanalyticsgroup.com
Industrial Demolition LLC
- Large Modern Fleet of Equipment
- Deep Knowledge Base of Energy Sector
- www.industrial-demolition.com
Industrial Asset Recovery Group LLC
- Highly-Experienced Asset Recovery Team
- Over 1,500 Industrial Plant Liquidations
- www.industrial-recovery.com
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For more information about anything in this newsletter or to schedule a confidential discussion regarding your environmental liabilities or brownfield properties, please contact us.
John Kowalik
Phone: (314) 835-2813
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