Commercial Development Company, Inc. (CDC) is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed or environmentally-challenged properties. CDC has purchased and developed over 50-million-square feet under roof located on over 300 sites throughout the United States and Canada. For more information, visit www.cdcco.com.
For 50 years, Brayton Point was home to a 1600 MW coal-fired power plant on the South Coast of Massachusetts. The “Brayton Point Power Station” was the largest coal-fired power plant in New England and was the last coal-fired power plant in Massachusetts to provide electricity to the regional grid. While operational, the Brayton Point Power Station was a source of good paying jobs and tax revenue for the South Coast of Massachusetts and Rhode Island – when it closed in 2017, an economic void was left behind.
In December 2018, Brayton Point was purchased by brownfield developer Commercial Development Company, Inc. (CDC) via affiliate Brayton Point LLC. During the transaction, CDC affiliate Environmental Liability Transfer, Inc. (ELT) assumed the environmental liabilities at the retired power plant site. This transaction set the stage for a robust cleanup and redevelopment plan designed to bring the retired power plant out of blight and back to productive reuse.
During the repositioning process, CDC was able to utilize many of the same attributes that made Brayton Point successful in the past – 300 acres of waterfront property, a 34’ deep water port capable of berthing large trans-Atlantic vessels, and access to the regional transmission grid. Additionally, the location maintained an educated and motivated local talent pool.
With a state-wide mandate for renewable energy and the site’s proximity to proposed offshore wind tracts in the Atlantic Ocean, it became clear early on that the renewable energy sector would play a key role in Brayton Point’s future development.
Today the site is being transformed into a world-class logistical port and support center built for offshore wind – the first of its kind in the United States. Now known as “Brayton Point Commerce Center”, the site will be capable of component manufacturing, staging, operations, and maintenance for offshore wind and other related sectors.
Additionally, the project will maintain a focus on sustainability throughout the redevelopment process, including working with solar companies to evaluate designated areas for possible solar panel installation, as well as installing energy efficient lighting and support systems.
In May, 2019, Anbaric Development Partners announced a $650 investment to create a Renewable Energy Center at Brayton Point. The central element of the project will be a 1200 megawatt (MW) high-voltage direct current (HVDC) converter and 400 MW of battery storage on site.
CATALYST FOR REDEVELOPMENT: Environmental Liability Transfer, Inc. (ELT)
Without the transfer of environmental liabilities, Brayton Point was at risk to remain in a protracted state of decay and economic distress. ELT was able to absorb the liabilities and risks associated with the distressed power plant site, which in turn created a framework for accelerated cleanup and redevelopment. With the environmental condition quantified and effectively managed, Brayton Point’s new owner (CDC) was able to confidently invest into the site’s redevelopment.
Environmental Liability Transfer, Inc. (ELT) is an environmental liability assumption firm providing clients with complete and final liability transference services since 2004. ELT has assumed over $1.5 billion USD in corporate environmental liabilities for its clients, managed the environmental cleanup of over 300 brownfield properties (90% have reached final milestones), and has never defaulted on an obligation or given a site back to the Seller/Transfer. Learn more about ELT at www.ELTransfer.com.