A St. Louis-based redevelopment company has bought a 58-acre polluted site — known as a brownfield property — at the Port of Savannah with plans to clean it up and market it.
Commercial Development Co. Inc., which specializes in the redevelopment of brownfield sites, announced Monday it has acquired the environmentally-distressed waterfront industrial site from Atlantic Wood Industries.
Environmental Liability Transfer, Inc., an affiliate of Commercial Development Co., has assumed responsibility for the environmental liabilities associated with the site and its former operators.
The property was used for a wood treatment facility operated by Atlantic Wood Industries for several decades until it was shuttered in 2007. Ground contamination and environmental hazards left over from the wood-treatment operation have blocked redevelopment efforts.
A news release from Commercial Development Co. said a remediation plan proposed by the firm and its environmental affiliate “has given fresh potential to this blighted industrial area.”
The transaction also means Atlantic Wood Industries has been able to sell surplus real estate and transfer its environmental liabilities while receiving a cash payment from Commercial Development.
The news release said Environmental Liability Transfer, along with another affiliate named EnviroAnalytics Group, will now work with the Georgia Environmental Protection Division to address environmental concerns at the site.
Existing structures on the property will be demolished to clear the way for a new port-related redevelopment that will put this blighted site back into productive use, according to the news release.
“We are excited to expand our redevelopment efforts into the Savannah area” said Mark Hinds, executive vice president of new business development at Environmental Liability Transfer. “Our acquisition and environmental liability assumption of this large deep-water port is the first step to repurposing this property and moving it back into productive use.
“The Savannah market is already in a growth phase, and we are eager to see the environmental and economic benefits this transaction brings to the area.”
About Commercial Development Company, Inc.
Commercial Development Company, Inc., headquartered in St. Louis, is a privately held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed or environmentally challenged properties. CDC’s North American acquisition and redevelopment portfolio includes 48 million square feet under roof located on 254 sites throughout 39 states and Canadian provinces. For more information, visit www.cdcco.com.
About Environmental Liability Transfer, Inc.
Environmental Liability Transfer, Inc., an affiliate company of Commercial Development Co., is a comprehensive, environmental liability acquisition company providing its clients complete and final environmental liability transference services. ELT has successfully assumed and abated more than $1 billion in corporate environmental liability throughout North America. For more information, visit www.eltransfer.com.
About EnviroAnalytics Group LLC
EnviroAnalytics Group LLC (EAG), an affiliate company of Commercial Development Co., provides consulting and management services on environmentally impacted real estate to corporations, law firms, accounting firms, lenders, municipalities, and institutions throughout North America. For more information, visit www.enviroanalyticsgroup.com.