October 3, 2017
Commercial Development Company, Inc. Announces Plans to Sell Retired Tanners Creek Power Plant
Lawrenceburg, IN – Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company today announced plans to sell the former Tanners Creek Power Plant in Lawrenceburg, IN. Tanners Creek Development LLC, an affiliate of CDC, is under contract to transfer ownership of the property to the Ports of Indiana, with an anticipated closing of December 2018.
The Ports of Indiana has identified the 725-acre (+/-) property as a favorable location for the development of the state’s fourth port. This purchase agreement allows for a due diligence period for the Ports of Indiana to study the site to determine the environmental and economic viability of this project. Ports of Indiana currently has three state ports in operation on the Ohio River and Lake Michigan, adding a fourth port is expected to generate new jobs and new development opportunities.
Indiana Governor Eric J. Holcomb officially announced this agreement in a press release dated September 21, 2017. “While we’re only beginning this process, it’s hard not to be excited by the prospect of a fourth port in Indiana,” Gov. Holcomb said. “The economic benefits to the region and the state as a whole would be game changing – providing new jobs and development opportunities.”
The inception of this vision is credited to former Indiana Governor Mike Pence who, during Indiana’s 2016 State of the State address, urged the Ports of Indiana to “vigorously explore the building of a fourth port in the far southeastern part of our state, which could unleash enormous economic investment throughout the southeast region of our state.”
Preparing the Site for Redevelopment
In October 2016, CDC acquired the retired coal-fired power plant from Indiana Michigan Power (I&M), a unit of American Electric Power (AEP). Since that time, CDC and corporate affiliates have been engaged in environmental remediation and demolition activities, which are preparing the site for the potential port development.
“Our mission is to create positive outcomes for our clients and the communities and stakeholders that are touched by our projects and companies,” said Randall Jostes, CEO of the firm. “I&M went to great lengths during its selection process to ensure that effective repositioning and redevelopment would occur. We are elated that the Ports of Indiana has selected this site and are hopeful for a successful outcome,” Jostes added.
CDC has received tremendous support for this ownership transfer and for the future redevelopment of the site from local and state leadership.
Environmental Remediation and Demolition
CDC and affiliates Environmental Liability Transfer, Inc. (ELT) and EnviroAnalytics Group LLC (EAG) have been engaged in repositioning efforts at the site, including demolition and environmental remediation planning.
Demolition of above grade structures is currently underway and will continue throughout 2018. Activities will include the demolition of non-essential plant structures including the former powerhouse and chimneys followed by site restoration work.
Planned environmental remediation activities include, the abatement and removal of asbestos containing materials, the removal of universal waste, and the closure of former coal combustion residual complexes at the site.
Tremendous Opportunity for New Development
CDC was attracted to the “Tanners Creek” power plant due to its location at the intersection of three Midwest states: Kentucky, Ohio, and Indiana. The site has direct riverfront access to the Ohio River, connections to highway and rail, and is located within close proximity to major hub cities such as Cincinnati, Louisville, Columbus, and Indianapolis. CDC understood such attributes represented a unique opportunity for port and logistics related development. “The economic and environmental benefits of this transaction will be significant for the tri-state area,” said Randall Jostes.
History of the Tanners Creek Power Plant
The Tanners Creek Power Plant began operations in 1951 and was twice named the most efficient steam plant in the world. The plant is located in Lawrenceburg, Indiana along “Tanners Creek” which flows into the Ohio River. The plant had a generation capacity of 995 megawatts of electricity when operational. After more than six decades of use, the plant’s last operating unit retired in May 2015. In 2016, I&M transferred real estate assets and environmental liabilities to CDC and ELT which has enabled the site to be repositioned for new development. For a detailed history of the Tanners Creek Power Plant, please reference AEP’s website: https://www.aep.com/environment/PlantRetirements/TannersCreek.aspx.
Commercial Development Company, Inc. (CDC) 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 has acquired and redeveloped hundreds of distressed brownfield properties throughout the United States and Canada – and is currently seeking to acquire and develop brownfield real estate in all industrial sectors. For more information, visit www.cdcco.com.
Environmental Liability Transfer, Inc., (ELT), an affiliate company of Commercial Development Company, Inc., is a comprehensive, environmental liability assumption company providing its clients complete and final environmental liability transference services. ELT has successfully assumed and abated over $1.5 billion in corporate environmental liability throughout North America. For more information, visit www.eltransfer.com.
EnviroAnalytics Group LLC (EAG), an affiliate company of Commercial Development Company, Inc., provides environmental consulting and project 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.
Media Contacts – If you would like more information about Commercial Development Company, Inc., please contact John Kowalik (314) 835-2813; firstname.lastname@example.org.