ST. LOUIS--(BUSINESS WIRE)--Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company, today announced the acquisition of a 425-acre, environmentally-distressed, former steel mill in Claymont, Delaware from steel manufacturer Evraz. CDC and Environmental Liability Transfer, Inc. (ELT), an affiliate of CDC, have assumed responsibility for legacy environmental liabilities associated with the site and its former operators.
For nearly a century, this facility was home to steel manufacturing operations for rail, infrastructure and other industrial applications. The property was acquired by Evraz in 2007, and continued operations until 2013 when it closed its doors due to economic reasons and began searching for a buyer. As a result of decades of steel manufacturing, the site’s ground contamination and environmental hazards prohibited a traditional real estate transaction. An environmental liability transfer and remediation plan proposed by CDC has enabled Evraz the ability to sell surplus real estate and also transfer legacy environmental liabilities.
EnviroAnalytics Group (EAG), another CDC affiliate company, will now commence a series of remediation projects, including: soil and groundwater remediation, environmental monitoring, and oversight of contamination abatement and demolition of existing structures. The expected timeline for completion is 2 years. EAG is working with the Delaware Department of Environmental Resources and Environmental Concerns (DENREC), to finalize the remedial plan under the state’s voluntary cleanup program. Following remediation and demolition, this currently blighted industrial site will be positioned for new vertical development purposes.
Throughout the remediation process, CDC will be performing land studies, market assessments, and meeting with community stakeholders to determine the highest and best use for this site going forward.
The property is located in Claymont, DE, in close proximity to downtown Philadelphia, PA. With direct access to the Delaware River, direct rail service, easy access to I-95 and I-495, and located within 15 miles of the Philadelphia International Airport, CDC considers the former steel manufacturing plant an excellent prospective site for a variety of vertical development purposes. Additionally, this area is home to a well-educated workforce and has one of the busiest commuter rail stations in the state.
“We consider the Evraz site in Claymont a tremendous opportunity for new development, and we are very excited to see the economic and environmental benefits this transaction brings to the Claymont-Philadelphia area” said Tim Smith, Vice President of Business Development at Environmental Liability Transfer, Inc. “Our acquisition and environmental liability assumption of this strategically-located site is the first step toward repurposing this property and moving it back into productive use.”
About Commercial Development Company, Inc.
Commercial Development Company, Inc., headquartered in St. Louis, MO, 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 over 250 sites throughout 39 states and Canadian provinces. For more information, visit www.cdcco.com.
About Environmental Liability Transfer, Inc.
Environmental Liability Transfer, Inc., (ELT), an affiliate company of Commercial Development Company, Inc., is a comprehensive, environmental liability acquisition company providing its clients complete and final environmental liability transference services. ELT has successfully assumed and abated over $1 billion USD 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 Company, Inc., 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.
If you would like more information about this topic, or to schedule an interview with a representative from Commercial Development Company, Inc., Environmental Liability Transfer, Inc., or EnviroAnalytics Group LLC, please contact John Kowalik at (314) 835-2813; jkowalik@cdcco.com.
