Commercial Development Company Inc. (CDC), a North American commercial real estate and brownfield redevelopment company, has announced plans to purchase the retired Brayton Point Power Station from Dynegy Inc. According to CDC, the 307-acre site at Brayton Point could represent a unique opportunity to advance the offshore wind energy sector due to its pre-existing access to the regional transmission grid.
The site is also located in close proximity to proposed offshore wind tracts, deep water port potential, and access to a highly skilled workforce in the New England area.
The Massachusetts Clean Energy Center recently identified Brayton Point as a potential site for the development of an industrial wind port to support the new wind energy diversification legislation. The development of offshore wind will require sites capable of component manufacturing, staging, operations, and maintenance.
“Multiple factors attracted us to this site, of greatest interest was the potential for renewable energy development,” said Randall Jostes, CEO of CDC. “Today the site is non-operational, however we are confident that once the site is repositioned, the unique attributes will attract investors from multiple sectors.”
As part of the transaction, CDC will assume responsibility for legacy environmental liabilities associated with the site. CDC and Dynegy are currently under contract to transfer ownership of the site, following a final due diligence period with closing anticipated by mid-December.
“Dynegy went to great lengths to choose a buyer who would not only provide fair market value for the real estate assets, but also have the vision and expertise to repurpose the site for new development activity,” said Jostes. “We commend Dynegy for their proactive approach to ensure that the site would not sit idle and become a source of local blight and economic decay.”
CDC will now engage in a robust repositioning process, which will dramatically transform the waterfront property. Immediately following the ownership transfer, activity is expected to include asbestos abatement, environmental remediation and restoration, and demolition of most of the coal-related infrastructure on site.
“Our team understands the historical and economic significance behind this project and we are pleased to lead the redevelopment process. We have been very impressed with Somerset’s pro-growth leadership and look forward to working with them to help create new opportunities,” said Jostes.
Throughout the remediation process, CDC will be engaged in a global marketing campaign to find appropriate end users for this location.
Filed Under: News, Offshore wind, Projects