COLUMBUS - 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. 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.
After 89 years, the Picway plant 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 three 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 along the Scioto River. With direct riverfront access, easy access to Scioto Downs and located within five 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 Country 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."