This 150-acre brownfield at the foot of the Outerbridge Crossing sat unimproved and contaminated for 30 years with no strong precedence for how best to remediate and reuse the property. It wasn’t until Viridian Partners, LCC and Goldman Sachs partnered with the City in 2012, that a progressive remedial plan was developed and enacted. Between 2013 and 2016, Phase I of the project prepared the land for reuse as 1.1 million square feet of warehousing and distribution. In 2016, the redevelopment agency oversaw the transition of the property to Bridge Development Partners, LLC for vertical construction, and Phase II of the project in partnership with Environmental Liability Transfer, LLC.
Phase I is expected to create between 1,000 to 1,500 jobs, bring in $180 million worth of investment into the city, and increase the property’s value by $20 million. Phase II will add an additional $100 million of investment and another 400 to 600 jobs. As of early 2017, Phase I is securing tenants and Phase II will begin construction in the Fall, with an expected completion date of summer 2018.
Insight: With efficient, focused project management and strong leadership from city administration, even the most difficult sites can be repurposed through effective public-private partnerships.