Commercial Development Company, Inc. (CDC) | PRESS RELEASE
17945
post-template-default,single,single-post,postid-17945,single-format-standard,ajax_fade,page_not_loaded,,boxed,qode-theme-ver-1.7,wpb-js-composer js-comp-ver-4.11.2.1,vc_responsive
 

PRESS RELEASE

PRESS RELEASE

14:29 08 March in Press Release
 

March 8, 2018

CDC Announces Purchase of 138-Acre Development-Ready Site in Northeast Philadelphia

Red-Lion-Road

Philadelphia, PA – Commercial Development Company Inc. (CDC) today announced the purchase of a 138-acre development-ready tract of land in northeast Philadelphia. The site was purchased from TEVA Pharmaceutical Industries Ltd., who had once selected this site as an expansion location.

Located at One Red Lion Road & 10098 Sandmeyer Lane, the site has been unoccupied for 8 years. However CDC now believes the timing is right for new development at the site. CDC will develop a market-ready plan to bring in end users who will take advantage of the sites attractive development attributes.

“This is the largest development-ready tract of land in the Philadelphia market,” said Steve Collins, Executive Vice President of CDC, “Aside from the size of the property, our market analysis indicates significant potential for development due to the site’s location, industrial zoning, the KOZ designation, and access to Philly’s strong and skilled workforce.”

The I-2 zoning at the site allows for a wide variety of warehousing, distribution, and general industrial uses. Additionally, the site is located in the Keystone Opportunity Zone (KOZ) which is a useful tax incentive program created to attract economic expansion to certain parts of the commonwealth.

CDC’s site plan includes three modern industrial buildings totaling up to 1.85 million sq/ft. Brokers suggest the market demand for modern industrial space and the strong workforce available in northeast Philadelphia could make the Red Lion Road site a new economic development and employment hub for the region.

 

CDC’s Regional Footprint

Over the past few years, CDC has invested in other brownfield development projects in the Greater Philadelphia region. In 2016, CDC purchased a former Congoleum manufacturing site in Hamilton, NJ which is now being developed into a mixed-use project adjacent to the Hamilton Train Station.  In 2015, CDC purchased the 425-acre former Evraz Steel Mill site in Claymont, DE which is currently being developed into a multi-modal office and logistics center, which includes the relocation of the Claymont Train Station to the site.

“CDC actively seeks to purchase vacant and brownfield real estate assets in all energy and industrial sectors – and has acquired an accumulative portfolio of over 300 brownfield and environmentally-impacted sites throughout North America. Our acquisition strategy provides win-win solutions for sellers and communities: fair market value for distressed real estate and a fully-funded plan to return vacant and distressed sites back to productive reuse,” said Steve Collins, Executive Vice President at CDC.

Media Contact: If you would like more information about this project or Commercial Development Company, Inc., please contact John Kowalik (314) 835-2813; jkowalik@cdcco.com.

 

Recent Press Releases

03/08/2018 – CDC Announces Purchase of 138-Acre Development-Ready Site in Northeast Philadelphia

02/28/2018 – CDC Making Big Progress at Tanners Creek Redevelopment Project, Environmental Remediation and Demolition Ahead of Schedule

01/22/2018 – CDC Announces Purchase of Retired 1600 MW Brayton Point Power Station

12/21/2017 – CDC Announces Purchase or Retired GM Assembly Plant in Janesville, WI

11/20/2017 – CDC to Purchase Retired Brayton Point Power Station, Plans Restoration and Redevelopment

10/03/2017 – CDC Announces Plans to Sell Retired 1000MW Coal-Fired Power Plant (Tanners Creek)

09/08/2017 – CDC Begins Final Demolition Stage at Former Asarco Site in Perth Amboy, NJ

07/21/2017 – CDC Purchases Retired Chamois Power Plant, Plans Demolition & Environmental Cleanup

02/21/2017 – 50-Acre Former Empire Brushes Property & Facilities Scheduled for Foreclosure Auction Sale

10/24/2016 – CDC Acquires 725-Acre Coal-Fired Power Plant, Prepares Site for Potential Development as Indiana’s Forth Port

10/18/2016 – CDC Purchases 20-Acre Industrial Site in Reading, PA, Plans Environmental Clean-up and Redevelopment

08/23/2016 – CDC Purchases 108-Acre Brownfield, Waterfront Industrial Port in Antioch, CA, Plans Clean-up and Redevelopment

06/05/2016 – CDC Purchases Retired Coal-Fired Power Plant from AEP, Plans Clean-up and Redevelopment

01/12/2016 – CDC Purchases 65-Acre New Jersey Brownfield, Plans Environmental Clean-up and Redevelopment

10/19/2015 – City of Marysville Unveils Robust Waterfront Redevelopment Concept for Former DTE Energy Site

09/24/2015 – Development Plans Announced for Former Des Peres Quarry

07/27/2015 – CDC Acquires Large Industrial Site in St. Petersburg, FL from Raytheon Company, Plans Redevelopment

05/01/2015 – CDC Unveils Robust Redevelopment Plan for 425-Acre Former Evraz Steel Mill in Claymont, DE

03/27/2015 – CDC to Begin Demolition of 70-Acre Brownfield in Perth Amboy, NJ