Admiral's Wharf - Stamford, Connecticut
Background: Stamford, Connecticut is located on Long Island Sound, just 35 miles from New York City. Known for its strong corporate base, Stamford is headquarters to four Fortune 500 corporations and 13 Fortune 1000 companies. This prosperity does not, however, reach all of Stamford's residents. Stamford's South End, located on the waterfront, is the City's poorest neighborhood. With an 80% minority population, 16% of South End families live below the poverty level. Once a manufacturing hub, the South End is now home to decaying industrial plants and sub-standard housing. Despite this blight, the City, BRC and others see tremendous opportunity in revitalizing the area and returning Stamford's harbor to productive use.
BRC Activity: BRC's Admiral's Wharf project will restore a heavily contaminated 40-acre site on Stamford's South End waterfront to a major economic and recreational resource. The property, which abuts the world headquarters of Pitney Bowes Corporation, was the site of a coal gasification plant that closed in the 1970s. Contamination at the site is extensive and includes coal tars, cadmium, arsenic, lead, petroleum, and PCBs. The current owner has agreed to sell the property to a team comprised of BRC and a local development team - Arthur Collins, Senior, of Collins Enterprises, and JHM Ventures.
Background: Bayer-AGFA decided to sell its real estate assets, including 90 Industrial Way, a 117,000 sq. ft. high-tech, light assembly building situated on 10 acres. Soil and groundwater at the property was believed to be contaminated with chlorinated solvents. Bayer-AGFA wanted to sell the property and rid itself of any potential environmental liability.
BRC Activity: BRC conducted an extensive environmental assessment of the property, which showed contaminant concentrations to be below Massachusetts Contingency Plan (MCP) reportable levels. Chlorinated solvents were, however, detected at several wells near the upgradient property border, indicating a possible off-site release. Further research showed that the Massachusetts Department of Environmental Protection was in the initial stages of investigating releases from the off-site wells. BRC purchased the property and used indemnities and insurance products to limit Bayer-AGFA's potential environmental liabilities after transfer of the title. BRC also filed for Downgradient Property Status under the MCP, which brought regulatory closure to the site and provided further assurance that Bayer-AGFA would not face environmental liability. BRC sold 90 Industrial Way in 2000.
Background: This 350,000 sq. ft. mill building was constructed in the late 1800's and for decades was home to textile manufacturing operations. EKCO Corporation, the site's most recent owner, used the facility to manufacture kitchen utensils. Years of industrial activity had contaminated the property with chlorinated solvents and gasoline. Site and hydrogeologic conditions constrained remediation scenarios and estimates for site closure approached $1 million, far exceeding the property's market value. ECKO closed the plant in 1998 and moved its operations to the western United States. The following year, EKCO was being acquired by another company and wanted to divest itself of any potential environmental liabilities associated with the Easthampton site.
BRC Activity: EKCO approached BRC in March 1999 to find an effective way to "close out" the site. BRC took title to the property and structured the transaction to allow ECKO to meet its divestiture requirements and limit its environmental liabilities. This was accomplished largely through indemnities and environmental insurance products. BRC remediated the site using advanced assessment techniques and a sophisticated risk assessment model, all of which was endorsed by the Massachusetts Department of Environmental Protection during its audit of the property in the fall of 2000. After achieving regulatory closure, BRC sold the property to a local trucking company in December 2000. The trucking company now uses the entire building for its operations and has brought many new jobs to the Easthampton community.
