REDEVELOPMENT UPDATE
President Biden Visits ELT Brownfield Project in South Massachusetts
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Last week, we were honored to host President Biden at our Brayton Point redevelopment project in south Massachusetts. Big thanks to the administration for highlighting the use of legacy energy assets to propel the transition to renewables.
"Today, Brayton Point is on the frontier of clean energy in America. On this site they will manufacture 248 miles of high-tech, heavy-duty cables. These specialized subsea cables are necessary to tie offshore wind farms to the existing grid. Manufacturing these cables will mean good paying jobs for 250 workers. As many as the old power plant had at its peak"
-- President Joe Biden
In 2018, CDC/ELT acquired Brayton Point and set a goal to transform the retired power plant into a logistics and manufacturing hub for offshore wind energy. We are happy to report overwhelming success in that endeavor. Today, the property is the future home to a subsea cable manufacturing plant (Prysmian Group) and an electric converter station (Mayflower Wind) which will bring renewable energy directly to the local grid.
Development-ready land is still available. If you are sourcing locations for your next project, please contact Stephen Collins at 314-835-2835 or [email protected].
For more about this project, please reference links below:
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July 2022
POTUS Visit ELT Brownfield Project
Acquisition Announcement: Solutia Chemical Plant
Meet ELT at Brownfields Conference 2022
CDC/ELT Acquisition Criteria
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ACQUISITION ANNOUNCEMENT
CDC Acquires Retired Solutia Chemical Plant, Plans Demolition, Liquidation, Redevelopment
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CDC is pleased to announce the acquisition of a 149-acre retired Solutia chemical manufacturing plant in Trenton, Michigan. The transaction included the acquisition of real estate, as well as machinery & equipment.
CDC will now oversee demolition of buildings and liquidation of equipment, with an eye to redevelop shortly thereafter.
“Our acquisition of this retired chemical plant is the first step to restoring the property to productive use – our team is well equipped to redevelop this property for its next stage of life, likely to be industrial operations,” said Adam Kovacs, Vice President at CDC.
CDC believes the location and other development attributes of the retired plant will attract industrial users once the property is demolished and repositioned. The property is located 20 minutes from DTW International Airport, along the Detroit River, and at the mouth of Lake Erie. Additionally, the former plant has two onsite rail spurs connecting operations to major North American freight railroad networks.
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CONFERENCE CALENDAR
Meet ELT at the 2022 Brownfields Conference in Oklahoma City
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ELT will be at Brownfields 2022 this summer in Oklahoma City - if you are planning to attend, we would love to meet in person and talk about brownfields! Our team will be delivering multiple presentations throughout event, we invite you to join us at the presentations below:
ELT presentations include:
The National Brownfields Conference is the largest event in the nation focused on environmental revitalization and economic redevelopment. The conference attracts over 2,000 attendees each year to share knowledge about brownfield cleanup, redevelopment, and sustainable reuse.
To schedule an in-person meeting with ELT during the conference, please reach out to John Kowalik at 314-835-2813 or [email protected]. |
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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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Our group employs a comprehensive 360° approach to buying and redeveloping retired industrial real estate. By bringing the entire process under one management group, ELT 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, we have 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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- Real Estate Purchase & Development
- Over 300 Redevelopment Projects
- Environmental Liability Assumption
- Over $1.5 Billion USD in Liabilities Assumed
- Captive Environmental Consultancy
- Over 35 Highly-Experienced Professionals (PhDs, PEs, etc)
- Large Modern Fleet of Equipment
- Deep Knowledge Base of Energy Sector
- Highly-Experienced Asset Recovery Team
- Over 1,500 Industrial Plant Liquidations
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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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