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 58-acre, environmentally-distressed waterfront industrial site in Savannah, Georgia from Atlantic Wood Industries. Environmental Liability Transfer, Inc. (ELT), an affiliate of Commercial Development Company, has assumed responsibility for legacy environmental liabilities associated with the site and its former operators.
For several decades, this property was a wood treatment facility operated by Atlantic Wood Industries until being shuttered in 2007. Since closing its doors, ground contamination and environmental hazards have prohibited redevelopment efforts. A real estate transaction and remediation plan proposed by Commercial Development Company & Environmental Liability Transfer has given fresh potential to this blighted industrial area.
The transaction has enabled Atlantic Wood Industries the ability to sell surplus real estate and transfer legacy environmental liabilities while receiving a cash payment from CDC.
ELT along with EnviroAnalytics Group (EAG), another CDC affiliate company, will now work with the Georgia Environmental Protection Division (EPD) to address the environmental concerns at the site. The existing structures on the site will be demolished to clear the way for a new port-related redevelopment that will put this blighted site back into productive use.
The property is located in the Port of Savannah, in close proximity to downtown Savannah, GA. With a deep water port, direct rail service, and easy access to I-95 and the Savannah/Hilton Head International Airport, Commercial Development Company considers the former wood treatment plant an excellent prospective site for a variety of vertical development purposes. Additionally, this property is located next to Georgia Ports Authority’s Garden City Terminal, the fastest-growing container port in the country.
“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, Inc. “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, 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 254 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 dollars 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, or EnviroAnalytics Group LLC, please contact John Kowalik (314) 835-2813; jkowalik@cdcco.com.
