Private Project Experience
Repositioning of Corporate-Owned Superfund Site - Idaho
This former phosphorus processing plant in the western US was one of the largest industrial facilities in the state and the single largest employer for two counties. It is also located within the boundary of a USEPA listed Superfund Site. Sale of the property was complicated by a competitive real estate market, ongoing regulatory involvement and the stigma associated with the site.
Vita Nuova was retained to prepare a reuse assessment of the 1500-acre property which contained over 50 million dollars in industrial assets. Due to its size, Vita Nuova understood that this site would need to be positioned within the international real estate market. Vita Nuova conducted an assessment of the regional, national and foreign markets to identify opportunities for redevelopment. We analyzed various sectors of the commercial real estate market, reviewed competitive economic incentives and the domestic and foreign economies. Extensive research was done relative to foreign direct investment and potential opportunities to attract foreign companies.
Vita Nuova developed a series of reuse alternatives for the site and a strategy for bringing the site to market. Vita Nuova recommended a multi-faceted marketing approach, including public assistance, regulatory support and corporate resources. Vita Nuova developed and presented a series of informational presentations to local, state and federal leaders which resulted in a public-private partnership to facilitate redevelopment and enhance economic development efforts. The first major end user of the site has been identified and redevelopment efforts continue to move forward. Currently a 500 MW coal gasification facility is slated to be permitted on the site.
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