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Garrett’s First Brownfield
Former Fansteel Manufacturing Plant Lexington, KY 98,000 sq/ft on 8 acres
WHY DID WE PURCHASE THIS SITE?
Company paid us to take it Location/Zoned I-2 Company had other available properties
A Developers Experience in the World of Brownfields Cory Heitz - - PowerPoint PPT Presentation
A Developers Experience in the World of Brownfields Cory Heitz - - PowerPoint PPT Presentation
A Developers Experience in the World of Brownfields Cory Heitz Garrett LLC Garretts First Brownfield Former Fansteel Manufacturing Plant Lexington, KY 98,000 sq/ft on 8 acres WHY DID WE PURCHASE THIS SITE? Company paid us
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Garrett’s First Brownfield (cont)
OTHER FACTS
$1M+ to rehab building and remediate site PCBs and TCEs removed, still monitoring Fought for $150k tax credit from State of Ky Have tenant signed to a 10-year lease
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Our First Brownfield (cont)
LESSONS LEARNED
Demo or rehab a building? Hire specialized legal staff i.e. environmental law Connected environmental engineers
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1st Clean Ohio Project
Former Howard Paper Plant Edwin C Moses Blvd in Dayton, OH 197,000 sq/ft on 4.5 acres
WHY DID WE PURCHASE THIS SITE?
Great price and excellent location Improve Downtown Dayton Environmental was manageable Clean Ohio grant potential
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1st Clean Ohio Project
OTHER FACTS
Sinclair College signed on as end user Received Covenant Not to Sue in July 2012
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1st Clean Ohio Project
LESSONS LEARNED
Large vs Small contractors I-75 construction on Edwin C Moses ramps Build relationship w/ local and state officials
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2nd Clean Ohio Project
Former Frick Gallagher Plant Wellston, OH 100,000 sq/ft on 6.5 acres
WHY DID WE PURCHASE THIS SITE?
Saw potential once site was remediated/demoed Assist city by removing eyesore/safety hazard Clean Ohio grant potential
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2nd Clean Ohio Project (cont)
OTHER FACTS
Once we get Covenant Not to Sue we will
transfer property to city. We will receive a tax credit.
Break even project
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2nd Clean Ohio Project (cont)
LESSONS LEARNED
No more rural projects due to marketability Distance to a major city: Cincinnati 2.5 hrs Don’t spread ourselves too thin: concentrate in
the Dayton and Cincinnati region
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3rd Clean Ohio Project
Former Hexion Chemical Site Glendale-Milford Rd, Village of Woodlawn 145,000 sq/ft on 13.5 acres
WHY DID WE PURCHASE THIS SITE?
Location, Location, Location!!! Clean Ohio grant potential
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3rd Clean Ohio Project (cont)
OTHER FACTS
Currently awaiting Covenant Not to Sue
LESSONS LEARNED
Leadership transition in village
SLIDE 13
Dayton Land Bank Properties
824 Leo St, Rita Construction Site
Taxes not paid since 2009, $170k owed Received from Land Bank (LB) at no cost
except for legal expenses
Abated asbestos and demoed structure Have contract to sell 4 of 10 acres to future
taxpayer
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Dayton Land Bank Properties
1020 Valley St, Dayton Electro Plate
Plant vacant 16 years Owed over $500k in taxes Consolidated 14 tracts into 1 Cut brush, tore structures down, improved
neighborhood
Received Clean Ohio grant for Phase II
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Dayton Land Bank Properties
1801 Home Ave, MPT Real Estate Building
Owed over $160k in taxes Cut brush, fixed fence, cleaned grafftti Rehabilitating building
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Dayton Land Bank
Currently working on 8 deals through LB Excellent opportunities Educating other communities
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Lessons Learned
State assistance available; learn about them all More to job than just being a specialist Relationships ensure success
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The Future
Clean Ohio Brownfield Fund?
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Contact
Cory Heitz Garrett LLC 859-317-1166 Coryheitz@gmail.com www.garrettworks.com
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