Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company based in St. Louis, Missouri, has announced big news. The company will be acquiring a 425-acre, former steel mill in Claymont, Delaware. CDC purchased the property from Evraz. The location of the property is close to downtown Philadelphia in Claymont, DE. The property is bordered on one side by the Delaware River, which provides water-based deliveries. It is also quite close to the I-95 and I-495 highways as well as having direct rail access. This dynamic access makes the site a very strategic location.
The site is strategically located for ease of access. CDC was quoted in saying, “Our acquisition and environmental liability assumption of this strategically-located site is the first step toward re-purposing this property and moving it back into productive use.”
The newly-purchased property was a base-to-steel manufacturing operations for rail, infrastructure, and more for almost 100 years. Evraz acquired the former steel site in 2007, and continued operations until 2013. Evraz closed down the property in 2013 for economic reasons and began hunting for a new owner.
The Evraz steel mill suspended operations in 2013 and sought a buyer. However, the property might be somewhat of a tough sell, given that it is contaminated to a certain degree with environmental hazards. These hazards have stood in the way of traditional real estate transaction, but eventually there was a compromise through an environmental liability transfer and remediation plan.
“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, VP of Business Development at Environmental Liability Transfer, Inc. “Our acquisition and environmental liability assumption of this strategically-located site is the first step toward re-purposing this property and moving it back into productive use.”
EnviroAnalytics Group (EAG), a CDC partner company, will soon begin a number of cleanup projects, including: soil and groundwater remediation, environmental monitoring, oversight of contamination abatement, and demolition of existing structures.
The companies have estimated that it will take 2 years for the cleanup and restructuring to be completed. In the time of the restructuring and cleanup the CDC will be handling land studies as well as meeting with stakeholders found in the community to nail down future building plans.
Filed Under: Real Estate News Tagged With: Access, Claymont, commercial real estate, Delaware, Evraz, Gary Richetelli, Steel Mill