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Multi-Regional Recycling Facility New England
Accession located and developed a major site for a "bottle
law" recycling operation within the state of Connecticut. The
specifications originally included a 20,000 square foot building
located on 4 to 5 acres with rail siding. Well into the process,
and after a site had been located and negotiations commenced,
the client revised its preferred location and increased the
required building size by an order of magnitude, this as the
result of changing business conditions and an evolving concept
of facility layout.
Our preliminary site research, which had been extensive,
allowed us to quickly locate another site with a 170,000 square
foot building that was otherwise perfect for the client, but
which contained environmentally contaminated machinery. Two
separate divisions within Connecticut Department of
Environmental Protection (DEP) were already involved. Because
95% of the contamination was contained within the building (not
in the ground), an accurate prediction of the remediation cost
was possible. We negotiated a sales price of pennies on the
dollar for the building coupled with the pre-condition that an
advance arrangement with DEP be consummated. A further
condition was that the local railroad would install a spur
alongside the building. Ten months later a satisfactory
agreement was reached with the owners, DEP and the railroad and
our client closed for 25% of the original asking price.
Agreement was achieved with the two DEP agencies including
favorable terms and a clean-up grant from the Connecticut
Brownfield's Rehabilitation Authority (CBRA). We were also able
to find a buyer for the contaminated equipment. In the end,
Accession completed the four phases of this project
(acquisition, financing, remediation, rehabilitation) and
delivered the project to the client's specifications, at
$1,500,000 under budget.
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