Nov
28

58 Acres Near Savannah Port Sold

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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.

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Categories : Savannah

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