Borne Chemical – Elizabeth, NJ
Vita Nuova was instrumental in the repositioning and disposition of a 10-acre property on the Arthur Kill in Elizabeth, NJ. A former fuels blending facility, the site was fenced, buildings remained and the city was not interested in becoming involved. VN performed a market analysis that demonstrated that significant jobs and taxes could be achieved through redevelopment. Working between a multi-party PRP group andthe City of Elizabeth, VN convinced the city to foreclose on the tax lien and give the Elizabeth Development Company, a public-private partnership the responsibility for redevelopment. VN worked with all parties to identify a buyer and helped work out a three-way agreement where the buyer agreed to lease and then purchase the property while the PRPs completed cleanup of the site.Through VN’s efforts, an unusable site was put back on the tax rolls while the PRPS were able to significantly reduce expenditures in the process.
Vita Nuova made us aware of the property and helped work through a three-way agreement between the city, the responsible parties, and my company. Their efforts were invaluable in helping to revitalize this forgotten site.
-Steve Radel, former project manager, Jay Cashman, Inc.