Commercial Development Company, Inc. Purchases 468-Acre Retired Coal-Fired Power Plant from AEP, Assumes Environmental Liabilities, Plans Demolition and Redevelopment

June 5, 2016

Columbus, OH – Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company, today announced the acquisition, by affiliate, of a 468-acre retired coal-fired power plant site from American Electric Power (AEP). CDC and Environmental Liability Transfer, Inc. (ELT), an affiliate of CDC, have assumed responsibility for environmental liabilities associated with the site.

AEP’s “Picway Plant” began operations in 1926 and is located along the Scioto River in Lockbourne, Ohio. While operational, the plant generated 100 megawatts of electricity and used more than 220,000 tons of coal annually. The plant’s last operating unit retired in May 2015. For a detailed history of the AEP Picway Plant, please reference AEP’s website: https://www.aep.com/environment/PlantRetirements/Picway.aspx.

After 89-years, the Picway was decommissioned. Decades of coal plant operations prohibited a traditional real estate transaction. An environmental liability transfer and remediation plan proposed by CDC will enable the site to be redeveloped.

EnviroAnalytics Group (EAG) another CDC affiliate company, will commence a series of projects, including: soil and groundwater remediation, asbestos abatement, ash pond closure, removal of residual coal, environmental monitoring, and demolition of some existing structures. The expected timeline for completion is 3 years, at which point the site will be ready for vertical development. EAG is working with the Ohio Environmental Protection Agency (Ohio EPA) to finalize the remedial plan. Environmental remediation and demolition will clear the way for a new development.

Throughout the remediation process, CDC will be performing land studies, market assessments, and meeting with community stakeholders to determine the highest and best use for this site going forward.

The site is located 12 miles south of downtown Columbus, Ohio, along the Scioto River. With direct riverfront access, easy access to Scioto Downs, and located within 5 miles of the Rickenbacker International Airport, CDC considers the former coal-fueled power plant an excellent prospective site  for a variety of vertical development purposes.

“We consider the AEP plant in Pickaway County a tremendous opportunity for new development, and we are very excited to see the economic and environmental benefits this transaction brings to the Columbus area” said Doug Willett, Executive Vice President at Environmental Liability Transfer, Inc. “Our acquisition and environmental liability assumption of this strategically-located site is the first step toward repurposing this property and returning it to productive use.”

Recent Press Releases

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 aytheon 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