ASARCO – Perth Amboy, NJ
CDC Unveils Plan to Redevelop Former ASARCO Smelting Facility
Project Overview: Commercial Development Company Inc. (CDC) and Bridge Development Partners LLC (Bridge) have unveiled a proposal to redevelop a 190-acre brownfield in Perth Amboy, NJ.
The “Bridgeport Logistics Center” plan proposes to redevelop the former smelting and refining facility formerly occupied by ASARCO and transform Perth Amboy’s historic waterfront from a contaminated brownfield site into a new state-of-the-art industrial complex.
CDC and Bridge believe Perth Amboy is a prime candidate for redevelopment given its strategic location along the I-95 corridor.
The proposed Bridgeport Logistics Center is located north of the 440 with direct access to Staten Island and the New Jersey Turnpike, and bordered to the east by the Arthur Kill, a major navigational channel for the Port of New York and Newark, NJ.
Environmental Liability Transfer: CDC affiliate company Environmental Liability Transfer, Inc. (ELT) played a critical role in the Chapter 11 bankruptcy reorganization of ASARCO by assuming legacy environmental liabilities, which was the catalyst that enabled remediation and redevelopment of this site. To read about ELT’s role in the transaction, click here.
Environmental Remediation: With the purchase of the 70-acre ePort II site in 2009, CDC assumed the environmental contamination from 80 years of metal smelting and over 20 tenants, including ASARCO (American Smelting and Refining Company).
CDC has commissioned affiliate company EnviroAnalytics Group (EAG) with the task of environmental remediation at the site. EAG has signed a consent decree with the New Jersey Department of Environmental Protection (NJDEP) confirming its agreement to protect the health and safety concerns required for industrial development.
EAG has already completed removal of hot spots and will construct a slurry wall to protect against the migration of contamination into the Arthur Kill. Large amounts of clean fill are being imported to raise the site above post Hurricane Sandy elevation as required for new building construction.
Economic Impact: In March 2015, during a ceremony to kick-off the demolition stage of the New Jersey site, Perth Amboy Mayor Wilda Diaz said the following about CDC’s private financing of the project:
For several decades, outer State Street (site) has been plagued with hundreds of acres of environmentally challenged sites, but today is a new day in Perth Amboy. The creation of local job opportunities and the realization of new ratables are the primary goals of establishing a sustainable project that will carry Perth Amboy into a successful future. -- Perth Amboy Mayor Wilda Diaz